Hinduja Group firm emerged as the highest bidder with Rs 9,650 crore

IndusInd International Holdings Ltd, a subsidiary of the Hinduja Group, has made the highest bid of INR96.5bn ($1.3bn) for debt-ridden Reliance Capital in the second round of auction, according to sources. The bid from IndusInd International Holdings beat off rival offers from the Piramal Group, which bid INR10.5bn, and the US-based Oaktree Capital Management, which bid INR30bn. The move comes as Reliance Group, founded by Anil Ambani, is restructuring its telecom and infrastructure arms amid concerns over debt. Hinduja Group is said to have won the bid for debt-laden Jet Airways after reportedly offering $20m.

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