Exclusive: Hinduja Brothers confirm plan to increase stake in IndusInd Bank
According to Hinduja brothers the regulatory clearance to increase the stake in IndusInd Bank is already in principle, and they are raising capital through shareholders, with completion expected by November 15.
Hinduja brothers on Wednesday (October 25) unveiled their strategic plans to increase their stake in IndusInd Bank and clarified the status of the Reliance Capital transaction.
In an exclusive interview with Sanjay Suri of CNBC-TV18, Ashok P Hinduja, Chairman of Hinduja Group of Companies (India), said they are planning to increase the stake in IndusInd Bank. Regulatory clearance for this move is already in principle, and they are raising capital through shareholders, with completion expected by November 15.
"We are planning to up the stake in IndusInd Bank. The regulator has already modified the policy a few years back and now they have in principle given us the clearance. We are raising our capital through the shareholders which by November 15 will be concluded. Post that we will be in the market to either start buying from the market or we will wait for the opportunity for the bank to raise capital," he said.
Additionally, Ashok P Hinduja discussed the status of Reliance Capital, clarifying that they have not applied to IRDAI, and the funds are ready, awaiting the NCLT's clearance, with hopes for the transaction to conclude in this financial year.
"Regarding Reliance Capital, the news which has come- we have not even applied to IRDAI, so where is the question of rejection? Funds are all queued, we have to only select and finalise. We will wait for the opportunity. As and when NCLT clears our proposal, after that we are hopeful that during this financial year, this whole transaction will be completed."
Gopichand P Hinduja, Chairman of Hinduja Group (Europe) emphasised the group's focus on fostering global partnerships, especially in regions like Saudi Arabia, UAE, China, and the United States. He said that they see great potential for collaboration with Africa and India, particularly in the areas of public transportation, Leyland vehicle exports, and Gulf Oil Lubricants.
"I come up with new concepts and new ideas to see how everybody can benefit from my contribution. So we have a lot of ideas in Saudi Arabia, UAE, China and the US on how we can benefit from Africa, and India.
We think Africa is going to be the next continent of the world in the field of BRT, exports of Leyland vehicles, and Gulf Oil Lubricants are around over there and plus to bring growth in partnership. So there are a lot of areas where we are looking."
He further added that the export of Ashok Leyland vehicles worldwide is expected to contribute to India's growth, and reaffirmed their commitment to move forward with the Ashok Leyland plant project in Lucknow.
"When the exports of Ashok Leyland vehicles will take place in different parts of the world, there will be growth in India as well...We are already committed to the Leyland plant in Lucknow and we will be moving forward on that,” Gopichand P Hinduja added.
First Published: Oct 25, 2023 9:44 PM IST
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