Reliance Capital (RCAP) the debt-ridden firm formerly led by Reliance Group Chairman Anil Ambani is set to taken over by IndusInd International Holdings Ltd (IIHL) a Hinduja Group company after National Company Law Tribunal (NCLT) on Wednesday gave an additional eight days to parties involved to complete procedural issues for the ownership transfer. According to a Bloomberg report the deal which has not been announced officially yet by either party is reportedly worth $1.1 billion (around Rs 96 billion). Reliance Capital acquistion Notably Reliance Capital was placed under RBI-appointed administration since November 2021 due to governance lapses and payment defaults associated with the Anil Dhirubhai Ambani Group. The central bank appointed Nageswara Rao Y as the administrator who subsequently invited bids for the companys takeover in February 2022. On Wednesday the Mumbai-bench of NCLT heard the matter and a joint status update was given by the committee of creditors administrator and IIHL on the progress of the implementation of the resolution plan. The tribunal advised all parties to ensure completion of the implementation process by March 20 while granting the extension and posted the matter for further hearing on March 25 2025. The procedural documentation and filings for the last leg of the transaction for the remaining Rs 4500 crore is under process. However due to the upcoming banking holidays a seven-day extension was considered appropriate by all parties according to reports. With this acquisition IIHL intends to expand its banking financial services and insurance (BFSI) portfolio. In April 2023 IIHL emerged as the successful resolution applicant by winning the bid for Reliance Capital under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC) with an offer of Rs 9650 crore. Earlier this 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. In December last year IIHL Chairman Ashok P Hinduja said his company aims to ramp up RCAPs banking financial services and insurance (BFSI) business more than three-fold to $50 billion in the next five years. Reliance Infra merger In related news last week Reliance Infrastructure the integrated power utilities arm of the Anil Ambani-led Reliance Group announced the merger of its subsidiary Reliance Velocity Limited (RVL) with itself. In a regulatory exchange filing the Anil Ambani-led company said its board of directors has approved the Scheme of Arrangement between the company and Reliance Velocity Limited and their respective shareholders which would lead to a merger of its wholly owned subsidiary with Reliance Infra