Ashok P Hinduja, Chairman of IIHL (IndusInd International Holdings Ltd), outlined the company’s strategy for expanding its footprint in the BFSI (Banking, Financial Services, and Insurance) sector, with a target of creating $50 billion in value by 2030.

Speaking to CNBC-TV18, Hinduja said IIHL is looking at the full scope of the BFSI sector to create value. Following the acquisition of Reliance Capital, the group plans to enter the insurance sector. IIHL has also taken a 60% stake in a mutual fund business alongside Invesco and expects regulatory approval in the coming weeks.

Reliance Capital, with its 39-40 subsidiaries, will undergo a strategic review by the board to determine whether to retain or exit these entities. Some of the subsidiaries, he noted, are shell companies or havens, and decisions regarding them will be taken soon. The group is also considering introducing a new brand for Reliance General Insurance and Reliance Nippon Insurance, with plans to list these entities within two years.

Addressing employment concerns, Hinduja stated that Reliance Capital has 128,000 employees, and the group aims to protect jobs by absorbing them into its companies.
On the delay in fund disbursement, Hinduja clarified that acquiring Reliance Capital was a complex process, but funds amounting to approximately $500 million were already in place. The shares have been in their name for six months, and the focus now is on value creation. He refrained from attributing the delay to any specific entity.

Regarding branding, Hinduja mentioned that IndusInd is being considered as a potential brand name. The introduction of a new brand will depend on regulatory requirements.

Speaking on sectoral deals, Hinduja said the group examined the Bajaj Allianz deal and assessed the value of all assets. According to his team’s evaluation, the value of those assets is lower than expected, making it a good buy for Bajaj.

Hinduja emphasised that the group is not seeking immediate value creation but has a two-year horizon to add value before listing its entities. A more concrete plan is expected within a month.

He also noted that Nippon is not interested in general insurance, while Hinduja Group holds a health insurance license and intends to explore opportunities in that segment. The group prefers partnerships for growth and plans to work alongside its partners as it expands.

Hinduja confirmed that there will be no change in shareholding until the planned listing in two years.