IndusInd International Holdings (IIHL), with a significant shareholding from UAE residents among its global high net worth individuals (HNWI) stakeholders, is aiming to enhance its banking and financial services (BFSI) business to a targeted valuation of $50 billion by 2030 through strategic acquisitions in India, Europe, and the Middle East. The chairman of IIHL, Ashok Hinduja, stated that the company’s master plan for BFSI is in progress, and they are collaborating with consultants to drive value and growth for their stakeholders.
One of the recent moves made by IIHL includes the acquisition of a majority shareholding in Invesco Mutual Fund and the upcoming takeover of R-Capital with a $1.17 billion investment, pending approval from the Insurance Regulatory and Development Authority (IRDA) of India. These acquisitions are expected to strengthen IIHL’s position as a prominent player in the global BFSI sector. Hinduja also mentioned that IIHL is currently exploring opportunities in European countries like Switzerland, Liechtenstein, Germany, and Luxembourg, with a focus on small banks. The company is also keen on expanding its BFSI operations in other regions, including the GCC.
IIHL’s current BFSI portfolio comprises IndusInd Bank and Invesco, with projections to grow from $17 billion to $30 billion within three years, and eventually reaching $50 billion by 2030. Additionally, IIHL is considering listing on Afrinex, the Mauritian stock market, where it holds a stake. The company has also obtained approval from the Reserve Bank of India to increase its stake in IndusInd Bank from 16% to 26%. Furthermore, IIHL plans to expand its life and non-life insurance businesses, venture into health insurance operations, and retain Reliance Securities and ARC businesses.
Hinduja mentioned that IIHL has been granted the right to use the Reliance Capital brand for three years and is prepared to settle payments to Reliance Capital’s lenders promptly upon receiving regulatory approval. The National Company Law Tribunal (NCLT) has approved the sale and directed IIHL to finalize payments within 90 days from approval or by May 27, subject to regulatory clearance. With these strategic moves and acquisitions, IIHL is poised to strengthen its presence in the BFSI sector and advance towards achieving its ambitious $50 billion valuation target by 2030.
