The Insurance Regulatory and Development Authority of India (Irdai) has approved the acquisition of Reliance Capital insurance companies by a consortium led by IndusInd International Holdings Limited (IIHL). IIHL, a Mauritius-based firm, received the approval on Akshay Tritiya. The consortium aims to close the transaction by May 27th, 2024, pending regulatory clearances. The restructuring of the consortium introduced four new India-based entities to meet the FDI ceiling for the insurance sector. Cyqure India, Cyqurex Technologies, Ecopolis Properties, and IIHL BFSI Holding are among the entities involved.
IndusInd-Led Consortium Cleared to Acquire Reliance Capital Insurance Firms
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