Team Blitz India
NEW DELHI: The Hinduja Group, richest in the United Kingdom, having operations across the world in automotive, oil, chemicals, infrastructure, banking & finance plus half a dozen more verticals, is planning major expansion in the banking and financial services (BFSI) sector in India.
At a media interaction in London, Ashok P. Hinduja, Chairman of IndusInd International Holdings Ltd, said the Group was placing a large bet on the BFSI industry and hoped to have a value creation of $35- 40 billion in the next five to seven years by expanding its verticals and filling the gaps.
Among the major entities which the Group owns in BFSI sector are IndusInd Bank, Hinduja Leyland Finance and the Hinduja Bank (Switzerland). The Group is now diversifying into new technology areas and fintech as part of its new phase of growth.
“The first phase will start and the objective of the holding structure, which is a Mauritius-based IndusInd International, is to grow into the BFSI sector to complete the full stack,” said Ashok Hinduja.
The Group is also boosting its stake in IndusInd Bank in light of Reserve Bank of India’s modification of its policy allowing promoters to own up to 26 per cent of private banks. The Hinduja Group is optimistic that it will purchase the heavily-indebted Reliance Capital by the end of November.
In addition to the asset reconstruction business and stock broking, Ashok Hinduja stated that the Group will enter the life, general, and health insurance markets with the acquisition of Reliance Capital. Once acquired, Reliance Capital will remain a separate entity, said the Hinduja leader. Plan is to go for an initial public offering (IPO) after twothree years. IndusInd International Holdings Ltd (IIHL), owned by the Hinduja group, is the only bidder for Reliance Capital.
