IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.

Mauritius-based IIHL emerged as the successful suitor with a bid of Rs 9,650 crore for the resolution of Reliance Capital (RCAP). Later, the company paid Rs 200 crore to bolster Reliance General Insurance’s (RGIC) solvency, which was over and above the bid amount.

“The transaction from our side is over. We have worked on this deal for three years. As we are speaking, money is moving from one escrow to another,” Hinduja said while addressing the media here.

The journey for value creation would now begin, he said, adding that the value of Reliance Capital’s insurance business on a conservative basis would be Rs 20,000 crore.  IIHL would complete the review of the entire RCAP business and take a call on the fund infusion required, Hinduja said.

Till the business meets value creation requirements, he said, capital infusion would not be an issue. About subsidiaries, he said there are about 39-40 entities of Reliance Capital and the new management would divest many of them as they are mostly small shell entities with small businesses.

Broking and Asset Reconstruction business will be retained by the new management. RCAP, registered as a core investment company with the RBI, has several entities, including Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Money, Reliance Securities, Reliance Asset Reconstruction, and Reliance Commercial Finance.

Asked about the listing of insurance companies, Hinduja said it may happen after two years of value creation.

The financial services firm has 1.28 lakh employees and the new management would protect the interest of employees to the extent possible, he assured.

About branding, Hinduja said, “For three years, we can continue with the same name as per the NCLT approval but we are keen to promote the IndusInd brand, and professional agencies are working on blending the brand for the campaign post-acquisition“.

Citing the latest NCLT direction, he said it advised all parties to complete procedural issues for the ownership transfer to IIHL by March 20. The National Company Law Tribunal, in its last hearing, had asked all parties to ensure the completion of the implementation process by March 20 while posting the matter for further hearing on March 25, 2025.

In April 2023, IIHL emerged as the successful resolution applicant by winning the bid for Reliance Capital under the Corporate Insolvency Resolution Process (CIRP) with an offer of Rs 9,650 crore. Last year, IIHL secured all requisite regulatory approvals from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), and relevant stock and commodity exchanges.

The central bank appointed Nageswara Rao Y as the administrator, who subsequently invited bids for the company’s takeover in December 2021.

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BENGALURU: Flipkart, India’s homegrown e-commerce marketplace, has successfully concluded the seller conclaves across nine major cities in India, part of Flipkart`s pan-India initiative, boosting opportunities for over 1.4 million entrepreneurs and sellers to grow their businesses. The on-ground Seller Conclave witnessed participation from over 4,500 sellers from Hyderabad, Jaipur, Surat, Delhi, Agra, Mumbai, Bangalore, Ludhiana, and Tirupur, highlighting their belief in consistent support and efforts Flipkart is making towards empowering them.

These sessions were designed to provide in-depth insights into customer demand, purchase patterns, and growth-oriented plans. It was meant to equip the sellers with the right tools to effectively meet the festive demand ahead of the 11th edition of The Big Billion Days.

Flipkart kick-starts the festive period with the ‘Big Sale of Small Things‘ sale event going LIVE on September 15, 2024. As the festive season kicks off, the marketplace sellers will showcase essential and valuable items on the platform as they build up to the Big Billion Days. The products will be from across categories, including fashion, beauty, home decor, small electronics, and more.

The Big Billion Days is set to create numerous job opportunities within the ecosystem, generating over 1 lakh new jobs and many more through the opportunities and employment created by the sellers on our marketplace platform.

Sakait Chaudhary, Business Head – Marketplace, Flipkart, said, “At Flipkart, we are committed to empowering our seller community of over 1.4 million. With over 4,500 sellers participating in the on-ground Seller Conclaves held across Bharat, we are equipping them with valuable insights and strategies to thrive in the 11th edition of The Big Billion Days. We’ve also introduced several new programs, including rate card simplification and industry-first policy changes, to foster a more inclusive and growth-oriented seller ecosystem.”

The seller conclaves featured participation from senior leaders at Flipkart, including Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group; Sakait Chaudhary, Senior Vice President, Business Head – Marketplace, Flipkart; Hemant Badri, Senior Vice President and Head of Supply Chain, Customer Experience, and ReCommerce; Jeyandran Venugopal, Chief Product and Technology Officer at Flipkart, Sandeep Karwa, Vice President and Pratik Shetty, Head of Marketing and Media, Flipkart who shared valuable insights and highlighted the tremendous opportunities that lie ahead for sellers during the festive season. Flipkart also supports sellers through advanced analytics, cataloging, and more to maximize their success during The Big Billion Days.

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PUNE: A series of programs was held in the state of Maharashtra recently from July 9th to July 12th, mainly in Pune, Shirur, and Nasik. The program was organized by the Rajganga Group and supported by the Venture Studio Capital team and Jagoo Nari. The purpose of the program was to make the Rajganga Group a global player.

The program started at the JW Marriott for discussions on new strategies, then moved to the Novotel Hotel for the launch of new products. The entire expert team then visited Shirur to see the college and school projects. Finally, they visited Vasantraodada Patil Sahakari Sakhar Karkhana Ltd. in Vithewadi (Lohoner), Tal. Deola, Dist. Nasik, to assess its valuation and viability. The main purpose of the entire program was to globalize the company and make it one of the best in India.

Rajganga Fertilizers and Chemicals Pvt Ltd, led by Dr. Rajeram Ghawate (Chairman), Prasad Ghawate (CEO), Hrushikesh Batte (Director), Amruta Ghawate (Director) along with the strategy team of the National Intellectual Advisory including CS Madhu Tyagi (Managing Trustee, Jagoo Nari Foundation), and Deepak Tyagi (Managing Partner, Panchsheel Doodh Kendra),

The event was graced by esteemed dignitaries, including Shri Suhas Deshmukh (District Collector, Pune), Shri Rajesh Shukla (Chief Strategist, National Intellectual Advisory), Shri Amar Sable (former Member of Parliament, Rajya Sabha, and Vice President of Bharatiya Janata Party, Maharashtra), Shri Prakashshet Dhariwal (CMD, Manikchand Group), Shri Mahesh Landge (MLA, Bhosari Constituency), Dr. Deepak Taware (Commissioner of Cooperation), Prince Tyagi (Managing Partner, Venture Studio Capital), Shri Kishor Raje Nimbalkar (Retd. Chairman of MPSC), Shri Shekhar Gaikwad (Additional Director General, Yashada), and Shri Rafik Naiwadi (Divisional Joint Director of Agriculture, Pune), among many others. Their presence underscored the importance and potential impact of Rajganga’s global vision, which includes adding new product lines and expanding into new businesses such as a sugar factory and ethanol trading with Nayara Energy.

Chief Strategist Rajesh Shukla remarked, “The most important thing is to finish the work before the due date and time. Quality is key to success, and the customer is next to God. Customer satisfaction is paramount. We must return to society whatever we earn beyond what is necessary for business and family needs. This approach ensures that the entire ecosystem grows together, leading to sustainable growth and a win-win for everyone.”

Dr. Rajeram Ghawate, Chairman of Rajganga Group, shared his inspiring story. Starting as a school teacher and fitness center owner in Pune, he founded a small laboratory for farmers, which gradually evolved into a comprehensive ecosystem supporting rural and farmer life. This ecosystem includes a school for farmers’ children, an infrastructure company, a gym, a restaurant, a transport company, and a CNG production unit.

Rajganga Group’s latest venture into chemical-free fertilizers and pesticides represents a significant leap in organic farming. These products guarantee healthy, chemical-free produce, catering to the growing demand for organic food worldwide. Over the last four years, the group has completed trials, achieving a valuation of approximately 138 crores.

Rajganga Group is now setting its sights on a bold corporate vision of reaching a 10 billion USD valuation in the next five years. This ambitious goal reflects the group’s commitment to sustainable growth and global leadership in the agricultural sector.

District Collector Dr. Suhas Diwase praised Rajganga Group’s focus on quality and customer satisfaction, reminiscing about his long-standing friendship with Dr. Rajeram Ghawate. He highlighted the program’s positive impact on youth and the promising future of the group’s ventures.

Rajganga Group’s journey from a micro-level initiative to a global leader is a testament to the power of vision, teamwork, and strategic guidance. As they march towards their ambitious goals, their commitment to quality, innovation, and sustainability will undoubtedly drive their continued success.

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