Anil Ambani has finally lost control of Reliance Capital as Hinduja Groups IndusInd International Holdings Limited (IIHL) has officially completed the acquisition of the debt-ridden company. IIHL has transferred the entire bid amount to Reliance Capital’s lenders finalizing the transaction. The chairman of IIHL Ashok Hinduja confirmed the news on Tuesday. In November 2021 the Reserve Bank of India (RBI) suspended the board of Reliance Capital which is part of the Anil Dhirubhai Ambani Group (ADAG) due to mismanagement and loan repayment defaults. The central bank then appointed Nageswara Rao Y as the administrator of the company. Speaking to reporters Ashok Hinduja stated The transaction from our side is complete. As we speak the funds are being transferred from one escrow account to another. He added that the management of Reliance Capital (RCap) is expected to be officially transferred on Wednesday. Hinduja expressed confidence in the company’s future stating that the value creation journey for Reliance Capital is just beginning. He estimated that the business could be worth at least Rs. 20000 crore. Hinduja Group to review Reliance capitals operations Following the acquisition of Reliance Capital (RCap) Hinduja Groups IndusInd International Holdings Limited (IIHL) plans to review the entire business and decide on necessary investments accordingly. Speaking about Reliance Capital’s subsidiaries Ashok Hinduja revealed that the company has around 39-40 units many of which are small businesses. The new management plans to sell off several of these smaller companies. Despite the restructuring plans Hinduja assured that the interests of RCaps 1.28 lakh employees would be protected as much as possible. With this acquisition IIHL aims to expand its banking financial services and insurance (BFSI) portfolio. IIHL had emerged as the successful resolution applicant under the corporate insolvency resolution process (CIRP) in April 2023 after placing a bid of  Rs. 9650 crore. Earlier this year IIHL secured all the necessary regulatory approvals from the Reserve Bank of India (RBI) the Insurance Regulatory and Development Authority (IRDA) and the relevant stock and commodity exchanges.