News

Hinduja Group company emerges as highest bidder for RCap Sources close to developments have revealed that after many twists and turns, a Hinduja Group company on Wednesday emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction. The bid by IndusInd International Holdings Ltd (IIHL) is higher than the Rs 8,640 crore offer made by Torrent Investments in the first round of the auction held in December last year. It is believed that the other two suitors -- Torrent Inv...
Hinduja Group company emerges as highest bidder for RCap
Hinduja Group company emerges as highest bidder for RCap
Source: IANS
27/04/2023 9:41:49 AM
Torrent Investments unlikely to participate in 2nd auction for Reliance Capital Torrent Investments has reportedly informed lenders of Reliance Capital that it is unwilling to participate in the auction to sell the financial services company. This is likely to hurt the process to maximise returns from the sale because only the Hinduja Group may be left in the fray. Earlier, while opposing the extension of the auction, in a letter to RBI Deputy Governor M. Rajeshwar Rao, Torrent Investments had sought directions to Nageswara Rao Y, administrator of Reliance Capital....
Torrent Investments unlikely to participate in 2nd auction for Reliance Capital
Torrent Investments unlikely to participate in 2nd auction for Reliance Capital
Source: IANS
25/03/2023 4:59:51 PM
`David` Torrent in battle with `Goliath` Hindujas for Reliance Capital buy out The IIHL (Hinduja Group) and Torrent are in the final race for Reliance Capital resolution process. IIHL, a part of Hinduja Group, is the highest bidder with a bid value of Rs 10,000 crore which includes an upfront cash offer of Rs 9,000 crore. In comparison, the value of Torrent's resolution plan is Rs 8,640 crore, which the company bid at the Challenge Mechanism conducted by the COC on December 21, 2022. Hinduja is one of the leading conglomerates with presence in multiple sect...
`David` Torrent in battle with `Goliath` Hindujas for Reliance Capital buy out
`David` Torrent in battle with `Goliath` Hindujas for Reliance Capital buy out
Source: IANS
16/01/2023 9:21:14 AM
Torrent stalls Reliance Capital Resolution, COC approves 90 days extension to complete resolution process The Committee of Creditors (COC) of Reliance Capital has approved the extension of 90 days (from January 31 to April 30) to complete the Resolution process. Due to Torrent's legal challenge, the Administrator will file an application for deadline extension in the NCLT Mumbai on Monday, January 16. NCLT Mumbai will resume hearing in the Reliance Capital resolution matter on Monday. In the hearing on Thursday, January 12, senior counsel Kapil Sibal appearing for RCAP's COC info...
Torrent stalls Reliance Capital Resolution, COC approves 90 days extension to complete resolution process
Torrent stalls Reliance Capital Resolution, COC approves 90 days extension to complete resolution process
Source: IANS
13/01/2023 3:48:40 PM
Torrent stalls Reliance Capital resolution process Torrent has got an interim stay from NCLT, Mumbai in the Reliance Capital resolution process, as the COC, in its meeting on Tuesday, discussed the resolution plans of the bidders. Legal advisors, AZB & Partners for the administrator and Luthra & Luthra for the COC, observed that Torrent and IIHL resolution plans are legally non-compliant with the IBC and other laws. Financial advisors, Deloitte, and KPMG's comparison observed that the upfront cash of Torrent was only Rs 3,75...
Torrent stalls Reliance Capital resolution process
Torrent stalls Reliance Capital resolution process
Source: IANS
3/01/2023 7:25:31 PM
Crucial meeting of Reliance Capital COC to be held on Tuesday The Committee of Creditors (COC) of Reliance Capital is scheduled to meet on Tuesday to discuss the Resolution plans of the Torrent Group and Hinduja Group. The legal Advisors to the Administrator and COC, AZB & Partners and Luthtra & Luthra will present legal compliance of both plans. In addition, Financial Advisors Deloitte to Administrator and KPMG to CoC will present evaluation plans of both bidders In an e-auction conducted under the Challenge Mechanism, Torrent had pres...
Crucial meeting of Reliance Capital COC to be held on Tuesday
Crucial meeting of Reliance Capital COC to be held on Tuesday
Source: IANS
2/01/2023 5:22:43 PM
Reliance Capital binding bids submission deadline extended to Nov 20  Reliance Capital Committee of Creditors (COC) has decided to extend the date of submitting the binding bids from October 31 to November 20. This extension has been granted in view of NCLT recently approving a 90 days extension for the completion of the overall resolution process, by January 21, 2023. The earlier date was November 1 this year. According to sources, voting on the final bids by the COC will take place in December. The date of filing the final Resolution Plan with ...
Reliance Capital binding bids submission deadline extended to Nov 20
Reliance Capital binding bids submission deadline extended to Nov 20
Source: IANS
21/10/2022 1:53:13 PM
Reliance Capital resolution process deadline to be extended by 90 days to Feb 1 Mumbai, Oct 5 The completion deadline for Reliance Capital resolution process is to be extended by 90 days to February 1, 2023. The current deadline ends on November 1. The administrator is all set to approach NCLT Mumbai to seek 90 days' extension. This will be the third extension, as the timeline has been extended twice in the past. As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to originally close the resolution of Reliance Capital within 180 da...
Reliance Capital resolution process deadline to be extended by 90 days to Feb 1
Reliance Capital resolution process deadline to be extended by 90 days to Feb 1
Source: IANS
5/10/2022 7:54:18 PM
Reliance Capital bidders seek extension of time for submission of binding bids Reliance Capital bidders have sought an extension of time for submission of binding bids. According to sources, Piramal Finance has sought extension by 12 weeks, while Advent has sought time till January 30, 2023, i.e., 16 weeks extension for submission of binding bid, as the company has not yet done due diligence. There are other bidders also who have sought a similar extension of timeline for filing of binding bids. IndusInd has sought 10 weeks extension, Oaktree has asked for 12 weeks a...
Reliance Capital bidders seek extension of time for submission of binding bids
Reliance Capital bidders seek extension of time for submission of binding bids
Source: IANS
11/09/2022 2:18:40 PM
Torrent Pharma to launch Molnupiravir under the brand name Molnutor in India  Torrent Pharma Tuesday announced that it is introducing MSD (a trade name of Merck and Ridgeback's Molnupiravir under the brand name Molnutor in India. Earlier this year, Torrent Pharma inked a non-exclusive voluntary licensing pact with MSD, granting rights to Torrent Pharma for manufacturing, distribution and marketing of Molnupiravir in more than 100 low-and middle-income markets including India for treatment of Covid-19. The Drugs Controller General of India (DCGI), based ...
Torrent Pharma to launch Molnupiravir under the brand name Molnutor in India
Torrent Pharma to launch Molnupiravir under the brand name Molnutor in India
Source: IANS
28/12/2021 4:14:53 PM
Torrent donates 50 medical oxygen plants The Torrent Group has donated 50 pressure swing adsorption (PSA) medical oxygen production plants to 50 different government hospitals across the states of Gujarat, Uttar Pradesh, Maharashtra, Rajasthan, Punjab, Tamil Nadu, and Telangana. These plants are under construction and will progressively start getting commissioned from the second half of May 2021. Samir Mehta, Chairman of the Torrent Group, said that "The 2nd wave of Covid-19 has posed great hardship on the citizens of Ind...
Torrent donates 50 medical oxygen plants
Torrent donates 50 medical oxygen plants
Source: IANS
13/05/2021 9:20:27 AM