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Hinduja Group Nears ₹4,000 Crore Loan Deal with 360 One Prime for Reliance Capital Acquisition

14 Feb 2024 , 01:56 PM

Hinduja Group is in talks to borrow ₹4,000 Crore from 360 One Prime, a non-banking financial company, to partially fund its acquisition of Reliance Capital under the bankruptcy code.

IndusInd International Holdings (IIHL), the holding company of Hinduja Group, aims to secure a total of ₹8,000 Crore for the acquisition. Pricing challenges have been faced by IIHL in negotiations with various credit funds, with demands for higher interest rates.

360 One Prime has offered a loan of ₹4,000 Crore at a rate of 14-15%, while other credit funds like Ares SSG have shown interest at higher rates but with better covenants.

Private credit funds are cautious due to the collateral being assets from a bankrupt company undergoing insolvency proceedings, making them uncomfortable with lower yields.

The spokesperson for 360 One Prime declined to comment, and there has been no immediate response from the IndusInd International spokesperson. The acquisition of Reliance Capital by Hinduja Group is pending necessary court and regulatory approvals.

In December, the Competition Commission of India (CCI) approved the stake acquisition by IndusInd International Holdings, IIHL BFSI (India), and Aasia Enterprises LLP in debt-ridden Reliance Capital.

Hinduja Group, an Indian conglomerate, operates in eleven sectors, including automotive, oil and specialty chemicals, banking and finance, IT and ITeS, cyber security, healthcare, trading, infrastructure project development, media and entertainment, power, and real estate.

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Related Tags

  • Hinduja Group
  • IndusInd International Holdings
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  • Reliance Capital
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