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The <keyword id="19956320" type="General" weightage="20" keywordseo="United-Kingdom" source="keywords">United Kingdom</keyword> hosts a diverse group of individuals and families who have accumulated substantial wealth through various sectors, including industry, finance, retail, and technology. Below is a look at the 25 <keyword id="23033805" type="General" weightage="20" keywordseo="richest-people-in-Britain" source="keywords">richest people in Britain</keyword>, each with their own unique journey to wealth, according to The Sunday Times Rich List 2024. <h2> </h2><h2>25. Tom Morris and family</h2>Net Worth: £6.673bn Tom Morris, the founder of Home Bargains, has quietly built a discount retail empire in the UK. Home Bargains has grown to over 500 stores, and Morris’s approach to low-cost, high-volume retailing has earned him and his family a spot among Britain’s wealthiest. <h2>24. Anders Holch Povlsen</h2>Net Worth: £6.73bn Anders Holch Povlsen, a Danish fashion retailer, owns Bestseller, a company with brands such as Vero Moda and Jack &amp; Jones. Povlsen has also become Scotland’s largest landowner. <h2>23. <keyword id="6354819" type="General" weightage="20" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword></h2><div type="image" title="Anil Agarwal" agency="BCCL" msid="113051472" hostid="261" sizebytes="1024664"></div>Net Worth: £7bn Anil Agarwal is the founder and chairman of Vedanta Resources, a mining and metals company with operations in India, Africa, and Australia. Agarwal’s rise from a scrap metal trader to a mining tycoon is marked by his aggressive business strategies and expansion into global markets. <h2>22. John Reece</h2><div type="image" title="John Reece" msid="113051663" hostid="261" sizebytes="456630"></div>Net Worth: £7.224bn John Reece is a significant figure in Ineos and is the chief financial officer of the company. Reece's expertise is in finance and management, owing to his Chartered Accountancy background. <h2>21. Andy Currie</h2><div type="image" title="Andy Currie" msid="113051609" hostid="261" sizebytes="455580"></div>Net Worth: £7.257bn Andy Currie is a director of Ineos, the chemicals company founded by Sir Jim Ratcliffe. Currie’s wealth is closely tied to the success of Ineos, where he has played a key role in its strategic direction and expansion into new markets. <h2>20. Denise, John, and Peter Coates</h2>Net Worth: £7.467bn The Coates family founded Bet365, one of the largest online gambling companies in the world. Denise Coates, the driving force behind the company, has built Bet365 into a dominant player in the industry, with significant revenues generated from its online platform. <h2>19. Lord Bamford and family</h2><div type="image" title="Lord Bamford" msid="113051678" hostid="261" sizebytes="1568515"></div>Net Worth: £7.65bn The Bamford family owns <keyword id="107342" type="General" weightage="20" keywordseo="JCB" source="Orion">JCB</keyword>, a leading manufacturer of construction equipment known for its distinctive yellow machines. Under Lord Bamford’s leadership, JCB has grown into a global brand, exporting to over 150 countries and maintaining a strong market presence in the UK. <h2>18. <keyword id="469673" type="General" weightage="20" keywordseo="nicky-oppenheimer" source="Orion">Nicky Oppenheimer</keyword> and family</h2>Net Worth: £7.937bn Nicky Oppenheimer, ex-chairman and once the controlling shareholder of De Beers, sold his family’s stake in the diamond company to Anglo American for $5.1 billion. Since then, Oppenheimer has diversified his investments, focusing on conservation, private equity, and venture capital. <h2>17. Carrie and François Perrodo and family</h2>Net Worth: £9.168bn The Perrodo family’s wealth comes from their privately-held energy company, Perenco, which operates oil and gas fields around the world. François Perrodo, who took over the company after his father’s death, has continued to expand its global footprint, solidifying their position among Britain’s richest. <h2>16. Marit, Lisbet, Sigrid, and Hans Rausing</h2>Net Worth: £9.188bn The Rausing siblings, part of the Tetra Pak dynasty, have expanded their wealth through diverse investments and philanthropy. While their fortune originates from the packaging industry, they have also made significant contributions to charitable causes, particularly in the arts and education. <h2>15. Barnaby and Merlin Swire and family</h2>Net Worth: £9.986bn The Swire family has deep roots in shipping and aviation, with their conglomerate, Swire Group, operating in industries ranging from property to beverages. Barnaby and Merlin Swire oversee a global empire that includes Cathay Pacific Airways and significant property holdings in Hong Kong. <h2>14. The Duke of Westminster and the Grosvenor family</h2>Net Worth: £10.127bn The Duke of Westminster, Hugh Grosvenor, inherited a vast real estate empire that includes prime properties in London's Mayfair and Belgravia. The Grosvenor family’s wealth is tied to their vast land holdings and investments, managed through the Grosvenor Group. <h2>13. Charlene de Carvalho-Heineken and Michel de Carvalho</h2>Net Worth: £11.751bn Charlene de Carvalho-Heineken, the controlling shareholder of Heineken, along with her husband Michel de Carvalho, manages one of the world’s largest brewing companies. Their wealth is underpinned by the global reach of Heineken, which operates in over 70 countries. <h2>12. Michael Platt</h2>Net Worth: £12bn Michael Platt is a hedge fund manager and the co-founder of BlueCrest Capital Management. Once one of the world’s largest hedge funds, BlueCrest now operates as a private investment firm, with Platt’s fortune growing from his successful investment strategies and management fees. <h2>11. Alex Gerko</h2>Net Worth: £12.055bn Alex Gerko, a mathematician turned financier, made his fortune through algorithmic trading. He is the founder of XTX Markets, one of the world’s largest electronic trading firms. Gerko's innovative approach to trading has positioned him as a significant figure in the finance industry, with a rapidly growing net worth. <h2>10. Kirsten and Jorn Rausing</h2>Net Worth: £12.634bn The Rausing family, heirs to the Tetra Pak fortune, continue to benefit from the global success of the packaging company. Kirsten and Jorn Rausing have also ventured into philanthropy and have stakes in various other businesses, maintaining their status among the wealthiest in the UK. <h2>9. John Fredriksen and family</h2>Net Worth: £12.867bn Norwegian-born shipping magnate John Fredriksen has a net worth built on his dominance in oil tanker shipping. He owns the world’s largest oil tanker fleet through his company Frontline and has substantial stakes in offshore drilling, fish farming, and other maritime sectors. <h2>8. Guy, George, Alannah, and Galen Weston Jr and family</h2>Net Worth: £14.493bn The Weston family has long been involved in retail, owning well-known brands such as Selfridges, Primark, and Fortnum &amp; Mason. Their wealth is not only tied to these retail ventures but also to their vast land holdings and investments in the food industry. <h2>7. <keyword id="29201" type="General" weightage="20" keywordseo="Lakshmi-Mittal" source="Orion">Lakshmi Mittal</keyword> and family</h2> <div type="image" title="Lakshmi Mittal" agency="BCCL" msid="113051708" hostid="261" sizebytes="1017200"></div>Net Worth: £14.921bn Lakshmi Mittal, a steel tycoon, transformed a small family steel business into ArcelorMittal, the world’s largest steel producer. Despite facing challenges in the steel industry, Mittal remains one of Britain's wealthiest individuals, with his family holding extensive investments in real estate, including properties in London’s prestigious Kensington Palace Gardens. <h2>6. Idan Ofer</h2>Net Worth: £14.96bn Israeli billionaire Idan Ofer made his wealth through holdings in shipping and energy. His company, Quantum Pacific Group, owns significant stakes in the shipping firm ZIM and the energy company Pacific Drilling. Ofer’s influence extends to football, with ownership stakes in the Spanish club Atlético Madrid. <h2>5. Sir James Dyson and family</h2> Net Worth: £20.8bn Sir James Dyson revolutionized the home appliance market with his innovative vacuum cleaners, hand dryers, and bladeless fans. His company, Dyson Ltd, continues to expand into new areas such as electric vehicles and robotics, reflecting Dyson's relentless pursuit of innovation. <h2>4. Sir Jim Ratcliffe</h2><div type="image" title="Sir Jim Ratcliffe" msid="113051750" hostid="261" sizebytes="459440"></div>Net Worth: £23.519bn Sir Jim Ratcliffe, the founder and chairman of the chemical company Ineos, is one of the most prominent industrialists in Britain. Starting as a chemical engineer, Ratcliffe built Ineos into a global giant with operations in chemicals, oil and gas, and automotive, including the recent acquisition of the British brand, Grenadier. <h2>3. David and Simon Reuben and family</h2>Net Worth: £24.977bn The Reuben brothers, David and Simon, have amassed their wealth through real estate, particularly in London's lucrative property market. Originally making their fortunes in metals and commodities, the Reubens have since transitioned into property, owning prime real estate across London, including iconic locations like Millbank Tower and the Burlington Arcade. <h2>2. Sir Leonard Blavatnik</h2>Net Worth: £29.246bn Sir Leonard Blavatnik, a Ukraine-born American-British billionaire, built his fortune through diversified investments in industries such as oil, gas, and media. A major shareholder in Warner Music Group, Blavatnik's wealth also stems from his private equity firm, Access Industries, which has stakes in a wide array of sectors including chemicals, technology, and real estate. <h2>1. <keyword id="675132" type="General" weightage="20" keywordseo="Gopi-Hinduja" source="Orion">Gopi Hinduja</keyword> &amp; family</h2><div type="image" title="PP Hinduja and Ashok P. Hinduja" agency="BCCL" msid="113051799" hostid="261" sizebytes="944901"></div>Net Worth:£37.196bn Leading the wealth rankings, the Hinduja family, under Gopi Hinduja's leadership, has a vast empire spanning banking, energy, automotive, and more. The Hinduja Group’s origins trace back to India, and today, the family's business interests are spread across 38 countries, with significant assets in the UK.

These are the top 25 richest people in Britain

Mumbai, Feb 23 (PTI) Former <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> Speaker Manohar <keyword id="19952829" type="General" weightage="20" keywordseo="joshi" source="keywords">Joshi</keyword> passed away at a Mumbai hospital on Friday, where he was admitted after suffering a cardiac arrest. Joshi (86) was admitted to <keyword id="20694838" type="General" weightage="20" keywordseo="hinduja-hospital" source="keywords">Hinduja Hospital</keyword> in the Intensive Care Unit (ICU) on February 21 and passed away early Friday, the private medical facility said. Joshi Sir, as he was popularly known, was the first chief minister of the undivided Shiv Sena and held the post during 1995-1999. He was admitted to the hospital in May last year after suffering a brain haemorrhage. He was also elected as a member of Parliament and was the Lok Sabha Speaker from 2002 to 2004 when the Vajpayee government was in power. Born on December 2, 1937 in coastal Konkan region of Maharashtra, Joshi obtained his Bachelor's degree in Civil Engineering from the prestigious Veermata Jijabai Technological Institute (VJTI) in Mumbai. His political career began with his involvement in the Rashtriya Swayamsevak Sangh and he later became a member of the Shiv Sena. In the 1980s, Joshi emerged as a key leader within the Shiv Sena, and was known for his organisational skills. He was the Lok Sabha Speaker from 2002 to 2004 when the Vajpayee government was in power. The former Union minister was married to Anagha Joshi, who died in 2020 at the age of 75. He is survived by a son and two daughters. Joshi began his career as a teacher and entered politics in 1967. He was associated with the Shiv Sena for more than four decades. He was a municipal councilor in Mumbai during 1968-70 and Chairman, Standing Committee of the Mumbai municipal corporation in 1970. He was the Mayor of Mumbai during 1976-1977. He was then elected to the Maharashtra Legislative Council in 1972. After serving three terms in the Legislative Council, Joshi was elected to the Maharashtra Legislative Assembly in 1990 and was the Leader of the Opposition in the assembly during 1990-91. In the 1999 general elections, Joshi won from the Mumbai North-Central Lok Sabha Constituency as a Shiv Sena candidate, and was later Union minister of Heavy Industries and Public Enterprises. Condoling Joshi's demise, Union minister Nitin Gadkari, who was a member of the Maharashtra ministry when the former was the CM, said the state had lost a "cultured face" of politics. Joshi's family said his last rites will be performed at Shivaji Park crematorium in Dadar area.

Former Lok Sabha speaker Manohar Joshi passes away at 86

New Delhi, Srichand Parmanand Hinduja, the eldest of the four <keyword id="333308" type="General" weightage="20" keywordseo="hinduja-brothers" source="Orion">Hinduja brothers</keyword> and chairman of the Hinduja Group, passed away in London on Wednesday. The <keyword id="840924" type="General" weightage="20" keywordseo="hinduja-family" source="Orion">Hinduja family</keyword> patriarch and his brothers, Gopichand and Prakash, were accused of receiving nearly Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract. A court had however exonerated them. "Gopichand, Prakash, Ashok and the whole Hinduja family with a heavy heart regret to announce the passing away of our family patriarch, and chairman of Hinduja Group, Mr <keyword id="567842" type="General" weightage="20" keywordseo="s-p-hinduja" source="Orion">S P Hinduja</keyword> today," a spokesperson for the family said. A British national, he died in London after a prolonged illness. He was 87, a family spokesperson said. The Hinduja brothers were exonerated in 2005 due to a lack of evidence. The brothers who have been intensely secretive about the size of their wealth, have been sparring in British courts over control of family assets. "Gopichand, Prakash, Ashok, and the whole Hinduja family with a heavy heart regret to announce the passing away of our family patriarch, and Chairman of the Hinduja Group, Mr. S P Hinduja today," the family spokesperson said in a statement. It described him as a "visionary and mentor to the family bestowing the founding principles and values of our late father, PD Hinduja. "He played a very important role alongside his brothers in building a strong relationship between his host country, the UK, and his home country, India," it said. "A titan amongst his peers, S P Hinduja truly lived and embodied the Hinduja Group's founding principles and values. A deeply spiritual and philanthropic person, he was courageous in action and generous at heart. His loss has left a huge void as the brothers have always been four bodies and one soul, the statement said. "The Hinduja family is in grief and sorrow at his demise. Our prayers to the Almighty to grant his soul eternal place at His Lotus Feet."

S P Hinduja, eldest of Hinduja brothers, passes away

Commercial vehicle maker <keyword id="6357085" type="General" weightage="100" keywordseo="ashok-leyland" source="Orion">Ashok Leyland</keyword> on Thursday said its profit after tax nearly tripled to Rs 561 crore in September quarter 2023-24. In the year-ago period, the PAT was Rs 199.31 crore. Revenues during the quarter under review rose to Rs 9,638 crore from Rs 8,266 crore in the second quarter of FY23, the company said in a statement. It said EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the quarter was Rs 1,080 crore as against Rs 537 crore in the corresponding quarter of FY23. Net debt stood at Rs 1,139 crore at the end of the second quarter, it said. The domestic medium and heavy commercial vehicles (MHCV) sales stood at 29,947 units, up 18% from the second quarter of the previous fiscal, which is in line with industry growth. Light commercial vehicle (LCV) volume was at 16,998 units compared to 17,040 LCVs sold in the same period last year, Ashok Leyland said. Export volumes for the quarter (MHCV &amp; LCV) were 4% higher at 2,901 units from the year-ago period despite multiple socio-political challenges across the globe. The company said while its overall MHCV MS is moving in the right direction, it significantly increased its bus market share, making it the top bus manufacturer in the country. "We have grown and grown profitability. The second half of the year appears to have the twin tailwinds of demand growth and softer commodity prices which should improve the profitability of the industry," Shenu Agarwal, Managing Director and Chief Executive Officer of Ashok Leyland, said. This is the third consecutive quarter of double-digit EBITDA, he said, adding that there is tremendous focus on margin enhancement, network expansion, operational efficiency, cost optimisation and deployment of digital as an enabler for growth and productivity. There is an enhanced thrust to grow all non-MHCV businesses as well and "we expect to see the benefits of all of this in the coming quarters," he added. Further, the company said that its all other businesses posted good growth in the current quarter and added that it expanded its MHCV range by launching new products in tipper, tractor and MAV categories. The focus on expansion of the distribution network continued with further addition of 47 touch points in the quarter, especially in the northern and eastern parts of the country, it said. "We continue to see strong demand in all segments of trucks and passenger vehicles. The industry continues to post strong growth, on the back of strong macroeconomic factors and we are confident that FY24 will see further growth in the second half as well," <keyword id="454707" type="General" weightage="50" keywordseo="dheeraj-hinduja" source="Orion">Dheeraj Hinduja</keyword>, Executive Chairman of Ashok Leyland, said. While International business globally is challenged owing to the conflicts across the globe, "we are intensifying our expansion strategy in our focus markets of the Middle East, Africa and Asia," he said. The company continues to build its capabilities in alternative energy and shall be soon coming up with some exciting products and solutions, Hinduja added.

Ashok Leyland PAT nearly triples to Rs 561 cr in September quarter

The <keyword id="120582" type="General" weightage="20" keywordseo="hinduja-group" source="Orion">Hinduja group</keyword> has made an offer to invest an additional ₹300 crore in <keyword id="157626" type="General" weightage="20" keywordseo="reliance-general-insurance" source="Orion">Reliance General Insurance</keyword>. <keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> General Insurance, a unit of Reliance Capital, needs a cash infusion to maintain solvency levels. IndusInd International Holdings Ltd (<keyword id="1424679" type="General" weightage="20" keywordseo="iihl" source="Orion">IIHL</keyword>), which is owned by <keyword id="28125" type="General" weightage="20" keywordseo="hinduja" source="Orion">Hinduja</keyword>, made the highest bid of ₹9,650 crore for Reliance Capital in a second auction on Wednesday. Reliance General Insurance had sought ₹600 crore cash infusion from lenders in December last year to meet the solvency requirements of the IRDA. The lenders earlier rejected the call for fund infusion from their pocket, putting the onus on the general insurance firm to the incoming investor. The bid amount of ₹9,650 crore will go to lenders who had lent ₹24,000 crore to Reliance Capital. The Committee of Creditors (COC) of Reliance Capital will hold a meeting on Friday where the top officials of the Hinduja group will make a presentation on its resolution plan. Reliance Capital owns a 51 per cent stake in Reliance Nippon Life Insurance and 100 per cent in Reliance Nippon General Insurance. The Hinduja group has a presence in the financial services sector through its stake in Indusind Bank and Hinduja Leyland Finance, a non-banking finance company owned by Ashok Leyland. The group has a housing finance business which is core to its strategy to increase its presence in financial services. At a consolidated level, as on December 31, 2022, the AUM (assets under management) of Hinduja Leyland Finance stood at ₹33,353 crore of which the housing finance business accounted for 18 per cent. In addition to ₹9,650 crore, the company has also offered ₹300 crore capital infusion in Reliance General Insurance, and another ₹50 crore for other expenses. The total value of IIHL's bid is ₹10,000 crore. The total Hinduja bid is ₹1,900 crore more compared to its own bid of ₹8,110 crore in the first challenge mechanism. Torrent, which decided to skip the second auction, had offered ₹8,640 crore in the first auction. The new Hinduja bid is higher by ₹1,380 crore. Torrent has moved the Supreme Court on banks' plans to launch a second auction. The matter will be heard in August. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/how-to-grant-social-benefits-to-same-sex-couples-sc-asks-centre/articleshow/99815407.cms">'How to grant social benefits to same-sex couples', SC asks Centre</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/anil-agarwal-makes-zero-debt-pledge-says-very-comfortable-servicing-debt/articleshow/99815431.cms">Anil Agarwal makes 'zero debt' pledge, says 'very comfortable' servicing debt</a>

Hinduja group offers to infuse ₹300 crore in Reliance General Insurance

British Prime Minister <keyword id="221875" type="General" weightage="80" keywordseo="Rishi-Sunak" source="Orion">Rishi Sunak</keyword> and his wife Akshata Murty have made their debut on the UK's '<keyword id="596197" type="General" weightage="80" keywordseo="Asian-Rich-list" source="Orion">Asian Rich List</keyword> 2022' topped by the <keyword id="840924" type="General" weightage="90" keywordseo="Hinduja-family" source="Orion">Hinduja family</keyword>. Sunak and his wife, whose father N R Narayana Murthy co-founded Indian IT major <keyword id="6354512" type="DOMAIN" weightage="20" keywordseo="infosys" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="infosys" meta.entityname="Infosys Ltd." meta.entityid="10960" meta.seoname="infosys-ltd">Infosys</keyword>, are ranked 17th on the list, with an estimated wealth of 790 million pounds. The combined wealth of this year's list sits at 113.2 billion pounds, an increase of 13.5 billion pounds over that of last year. The list is topped by the <keyword id="28125" type="DOMAIN" weightage="20" keywordseo="hinduja" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="hinduja" meta.entityname="Nxtdigital Ltd." meta.entityid="5318" meta.seoname="nxtdigital-ltd">Hinduja</keyword> family for the eighth consecutive time with an estimated wealth of 30.5 billion pounds, an increase of 3 billion pounds from the last year. Mayor of London Sadiq Khan presented a copy of the 'Asian Rich List 2022' to Ritu Chhabria, daughter of Gopichand Hinduja, Co-Chairman of the <keyword id="120582" type="General" weightage="100" keywordseo="hinduja-group" source="Orion">Hinduja Group</keyword> at the 24th annual Asian Business Awards at the Westminster Park Plaza hotel on Wednesday night. Hinduja Group is an Indian transnational conglomerate. The group is present in eleven sectors. Addressing the gathering, Chief Guest Oliver <keyword id="14278602" type="General" weightage="80" keywordseo="dowden" source="Orion">Dowden</keyword>, MP, Chancellor of Dutchy of Lancaster, said: "every year, we see the British Asian Community continue to grow in stature which comes as no surprise to me personally." "Throughout my life, I have seen first-hand the hard work, determination and entrepreneurship of the British Asian community. And, of course, in my latest job, I have a British Asian Boss, my very good friend Mr Rishi Sunak, the United Kingdom's first-ever British Asian Prime Minister," Dowden said. Sunak made an impressive comeback to become the UK's first Indian-origin Prime Minister on October 25, seven weeks after he had lost the race for 10 Downing Street to Liz Truss. The 42-year-old investment banker-turned-politician is the youngest British Prime Minister in 210 years and also the UK's first Hindu Prime Minister. "I want to say thank you. The British Asian business community is widely recognised as one of the most successful entrepreneurial groups ever. It is a remarkable story of building businesses creating jobs and amassing wealth. And as outlined in this year's Asian Rich List, Asian entrepreneurs have enriched Britain in all aspects of our national life," Dowden said. This year's Asian Rich list boasts 16 billionaires from the UK, one more than the last year with most of the billionaires seeing their wealth increase or stay the same as last year. Sri <keyword id="1834928" type="General" weightage="50" keywordseo="prakash-lohia" source="Orion">Prakash Lohia</keyword> and his family have seen the biggest increase in wealth on this year's list, a rise of 4 billion pounds to 8.8 billion pounds. Lakshmi Mittal and his son Aditya (12.8 billion pounds) and Prakash Lohia and family (8.8 billion pounds) and Nirmal Sethia (6.5 billion pounds) are other richest on the list. Shailesh R Solanki, the Executive Editor of Asian Marketing Group (AMG) and the host of the event, said: "The Asian Rich list is carefully compiled by a team of experts and it is the definitive guide to Asian wealth in Britain." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/radiation-emitted-from-mobile-towers-has-no-ill-effects-on-human-health-experts/articleshow/95743681.cms">Radiation emitted from mobile towers has no ill effects on human health: Experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/germany-relaxes-schengen-visa-rules-for-indians/articleshow/95757566.cms">Germany relaxes Schengen visa rules for Indians</a>

UK's Asian Rich list: Hinduja family retain top spot, UK PM Sunak, his wife make debut

<keyword id="14855943" type="General" weightage="20" keywordseo="Torrent-Investments" source="Orion">Torrent Investments</keyword> has reportedly informed lenders of <keyword id="6360090" type="General" weightage="20" keywordseo="Reliance-Capital" source="Orion">Reliance Capital</keyword> that it is unwilling to participate in the auction to sell the financial services company. This is likely to hurt the process to maximise returns from the sale because only the <keyword id="120582" type="General" weightage="20" keywordseo="Hinduja-Group" source="Orion">Hinduja Group</keyword> may be left in the fray. Earlier, while opposing the extension of the auction, in a letter to RBI Deputy Governor M. Rajeshwar Rao, Torrent Investments had sought directions to Nageswara Rao Y, administrator of Reliance Capital. The letter said that the challenge process was concluded on December 21, 2022, with the administrator's email to Torrent Investments confirming its NPV bid amount of Rs 8,640 crore as the highest bid amount. However, Torrent Investments was made aware that a competing resolution applicant Hinduja Group had belatedly submitted a revised financial proposal on December 22 after completion of the challenge process on December 21 and after having learnt that Torrent Investments had emerged as the highest bidder. In repeated <keyword id="1786965" type="General" weightage="20" keywordseo="Supreme-Court-judgements" source="Orion">Supreme Court judgements</keyword>, it has been held that maximisation of value is a key factor in any plan approval by CoC. The only resolution done for a financial services company under special powers of RBI Section 227 was DHFL which was won by Piramal Group. In that case <keyword id="6367820" type="General" weightage="20" keywordseo="Adani-Group" source="Orion">Adani Group</keyword>, which was not even a resolution applicant, was admitted by CoC as it offered highest value to the Piramal bid. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/desk-bombing-monk-mode-other-emerging-trends-at-the-workplace-as-per-linkedin/slidelist/98973217.cms">Desk-bombing, monk mode &amp; other emerging trends at the workplace</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/haircut-on-cases-resolved-through-ibc-not-very-encouraging-says-kotak-report/articleshow/98972743.cms">Haircut on cases resolved through IBC not very encouraging, says Kotak report</a>

Torrent Investments not to participate in 2nd auction for Reliance Capital; Hinduja sole bidder

<keyword id="120582" type="General" weightage="80" keywordseo="hinduja-group" source="Orion">Hinduja Group</keyword> on Wednesday won the race for <keyword id="173770" type="General" weightage="50" keywordseo="reliance-capital-ltd" source="Orion">Reliance Capital Ltd</keyword> with the highest bid of ₹8,600 crore. According to banking sources, the auction that started on Wednesday morning concluded with Hinduja emerging as the highest bidder for <keyword id="6360090" type="General" weightage="100" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> as a core investment company. The Committee of Creditors (CoC) had fixed a floor value of ₹6,500 crore for the first round of the auction. The threshold value for the second and third rounds was ₹7,500 crore and ₹8,500 crore, respectively. In the subsequent rounds, the bid amount had to go up by ₹500 crore and ₹250 crore, respectively. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-continues-to-lead-the-telecom-industry-as-its-active-subscribers-increase-by-4-9-million/articleshow/96395806.cms">Reliance Jio continues to lead the telecom industry as its active subscribers increase by 4.9 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/electric-suv-hyundai-ioniq-5-ev-comes-to-india-check-booking-details-and-features/slidelist/96398236.cms">Electric SUV, Hyundai Ioniq 5 EV comes to India: Check booking details and features</a>

Hinduja Group wins Reliance Capital auction with bid value of ₹8,600 crore

The <keyword id="4911816" type="General" weightage="50" keywordseo="committee-of-creditors" source="Orion">Committee of Creditors</keyword> (<keyword id="230701" type="General" weightage="100" keywordseo="coc" source="Orion">COC</keyword>) of <keyword id="6360090" type="General" weightage="50" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> is scheduled to meet on Tuesday to discuss the Resolution plans of the Torrent Group and <keyword id="120582" type="General" weightage="50" keywordseo="hinduja-group" source="Orion">Hinduja Group</keyword>. The legal Advisors to the Administrator and COC, AZB &amp; Partners and Luthtra &amp; Luthra will present legal compliance of both plans. In addition, <keyword id="63772" type="General" weightage="50" keywordseo="financial-advisors" source="Orion">Financial Advisors</keyword> Deloitte to Administrator and KPMG to CoC will present evaluation plans of both bidders In an e-auction conducted under the Challenge Mechanism, Torrent had presented a resolution plan for RCAP with an NPV of Rs 8,640 crore, while Hinduja's NPV in the Challenge Mechanism for RCAP was Rs 8,110 crore. After the e-auction was over, Hinduja presented a revised resolution plan with an NPV of Rs 9,000 crore and it has offered 100% cash upfront for the entire Rs 9,000 crore. On the other hand, Torrent has offered only Rs 3,750 crore as upfront cash, which is 54% lower than the Hinduja offer. The balance Rs 4,890 crore will be paid by Torrent in five years. According to the sources, CoC is in favour of Hinduja's offer as the lenders will be able to recover the entire money upfront. The COC may even ask Torrent to match Hinduja's offer of Rs 9, 000 Cr, before engaging again with both bidders to increase the value further. The NCLT deadline of March 31, 2023 for the completion of RCAP resolution is unlikely to be met. The resolution has already been delayed by over a year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/from-sah-polymers-to-chaman-metallics-four-ipos-that-will-raise-almost-110-crore-this-week/articleshow/96680142.cms">From Sah Polymers to Chaman Metallics – Four IPOs that will raise almost ₹110 crore this week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/swiggys-losses-jump-2x-to-3629-crore-in-fy22-layoffs-coming/articleshow/96682420.cms">Swiggy's losses jump 2X to ₹3,629 crore in FY22, layoffs coming</a>

Crucial meeting of Reliance Capital COC to be held on Tuesday

The Committee of Creditors (<keyword id="230701" type="General" weightage="80" keywordseo="coc" source="Orion">COC</keyword>) of <keyword id="6360090" type="General" weightage="100" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> (<keyword id="411324" type="General" weightage="80" keywordseo="rcap" source="Orion">RCAP</keyword>), in its meeting held on Wednesday, has decided to reject all the binding bids that it received from the bidders on Monday. The COC is now considering sending Reliance Capital to liquidation, under the newly introduced regulation 6(A) of the IBC, whereby each individual business can be sold separately. According to sources, the decision to reject the bids had been taken as the lenders are of the opinion that the bid value offered by all the bidders is too low. For the financial services business, <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> has special powers under section 227 of the IBC to refer companies to insolvency for debt resolution. Reliance Capital was the third financial services company that had been referred by the RBI for insolvency. The other two are DHFL and SREI. DHFL was sold to Piramal at 50 per cent of its liquidation value, while SREI's resolution process is still in progress. The rejection of the Reliance Capital bids proves that the use of section 227 by the RBI has not worked in favour of lenders of the financial services companies. Notably, Reliance Capital has received 5 bids under option 1 for the Reliance Capital Core Investment Company (CIC), as the deadline to submit binding bids ended on Monday 28 November. The option 1 bidders are Hinduja, Torrent, Oaktree, Cosmea Financial and Piramal consortium, and UAVRCL. Out of these five bidders, UVARCL has bid on a fee basis, which means that it has not submitted any resolution plan for RCAP. It will further sell RCAP assets and make payments to lenders, as and when the sale happens. No separate bids were received for Reliance General Insurance Company (RGIC) and Reliance Nippon Life Insurance Company (RNLIC) Cosmea-Piramal has offered Rs 5,231 crore for RCAP, while Hinduja's bid is Rs 5,060 crore. The size of Torrent and Oaktree's bids is Rs 4,500 crore and Rs 4,200 crore, respectively. Out of these four, the Cosmea-Piramal consortium has offered Rs 4,250 crore as the upfront payment, while Hinduja offered Rs 4,100 crore upfront to the lenders. The upfront payment by Torrent and Oaktree is in the range of Rs 1,000 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/corporate-demand-boosts-hotel-demand-in-q3-jll/articleshow/95883698.cms">Corporate demand boosts hotel demand in Q3: JLL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/former-flipkart-svps-online-shopping-platform-flash-raises-5-8-million-in-seed-round/articleshow/95884631.cms">Former Flipkart SVP's online shopping platform Flash raises $5.8 million in seed round</a>

Reliance Capital Committee of Creditor rejects all bids, considering liquidation

<ul><li>Shares of <keyword id="160447" type="General" weightage="20" keywordseo="hinduja-global-solutions" source="Orion">Hinduja Global Solutions</keyword> slipped 20% on Friday as investors were disappointed with the dividend amount announced by the company.</li><li>The company has declared a third interim dividend of ₹150 per share.</li><li>Analysts say the street expected about two times the dividend amount announced.</li></ul>Shares of Bengaluru-based information technology (IT) firm Hinduja Global Solutions crashed 20% in a single day as investors were highly disappointed with the company’s dividend announcement. The company has declared the third interim dividend of ₹150 per share for the current financial year FY22 along with a 1:1 bonus share issue, which means for every one share an investor holds in the company, he/she will get an additional share. However, this was below investors’ expectation considering the company had a good cash reserve after it sold its healthcare services business to Barings Private Equity Asia in August 2021 for an enterprise value of ₹8,906 crore ($1.2 billion). With this, the street expected two times the dividend offered by the company. “The company has around ₹8,000 crore of cash reserves at the moment and it has given a dividend amounting to ₹315 crore as dividend, which is not even 4% of cash reserves. The street expected a dividend of at least 5-10% of cash reserves,” Kranthi Bathini, director of equity strategy at WealthMills Securities, told Business Insider. In fact, shares of the company had risen about 19% since August, when the company announced the stake sale on expectation of a higher dividend. <div type="image" title="hinduja global" height="900" width="1200" msid="88751757" hostid="261"></div>“Dividend they have paid is much much lower than what the street was expecting. Estimates were higher because they had big cash in their books and they also received huge amounts from selling its healthcare business,” said an analyst from a domestic broking firm on condition of anonymity. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/spicejet-is-finding-difficult-to-survive-with-rising-costs-low-cash-and-new-players-with-deep-pockets/articleshow/88742146.cms">It’s not just COVID-19 ⁠— SpiceJet’s survival is getting challenged by rising costs, low cash, and new players with deep pockets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rupifi-bags-25-million-from-tiger-global-others-to-boost-buy-now-pay-later-offering/articleshow/88750509.cms">Rupifi bags $25 million from Tiger Global, others to boost buy now pay later offering</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-epassport-what-it-is-and-how-to-apply/articleshow/88750026.cms">India’s ePassport — What it is and how to apply</a>

IT firm Hinduja Global Solutions tanks as street expected two times the dividend announced

Commercial vehicle major <keyword id="760813" type="General" weightage="80" keywordseo="ashok-leyland-ltd" source="Orion">Ashok Leyland Ltd</keyword> closed the first quarter of FY23 with an after tax profit of Rs 68 crore. According to the company, it had posted a revenue of Rs 7,223 crore for the quarter ended 30.6.2022 (Q1FY22 Rs 2,951 crore) and a net profit of Rs 68 crore (net loss Rs 282 crore). "The industry has seen strong volume growth in Q1 FY'23, and we expect this trend to continue going forward. The team is focused on market performance while reining in costs this quarter," <keyword id="454707" type="General" weightage="80" keywordseo="dheeraj-hinduja" source="Orion">Dheeraj Hinduja</keyword>, Executive Chairman said. "With expansion in revenues and efficient cost management we have seen our bottom line improving. The softening of commodity prices, in particular for steel, should impact our margins positively, said <keyword id="1858880" type="General" weightage="80" keywordseo="gopal-mahadevan" source="Orion">Gopal Mahadevan</keyword>, Director &amp; CFO. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/the-way-forward-for-indias-emerging-data-centre-market/articleshow/93212366.cms">The way forward for India’s emerging data centre market</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/news/top-10-most-chosen-fmcg-brands-of-india-as-per-kantar-report/slidelist/93206746.cms">Parle, Amul and Britannia are the most chosen FMCG brands of India in 2021: Kantar report</a>

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Torrent Investments not to participate in 2nd auction for Reliance Capital; Hinduja sole bidder

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Hinduja Group wins Reliance Capital auction with bid value of ₹8,600 crore

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Crucial meeting of Reliance Capital COC to be held on Tuesday

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Reliance Capital Committee of Creditor rejects all bids, considering liquidation

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IT firm Hinduja Global Solutions tanks as street expected two times the dividend announced

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Ashok Leyland logs Rs 68 cr net in Q1

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