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Reliance Capital Acquisition: How did Anil Ambani's company, Once bigger than HDFC, Become debt-ridden? Full timeline

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Hinduja Group's IndusInd International Holdings Ltd. (IIHL) plans to complete the takeover of debt-ridden Reliance Capital (RCAP).
Reliance Capital, once a significant player in India's financial sector under Anil Ambani's leadership, has faced a dramatic decline leading to its current debt-ridden status. Initially valued at over Rs 1 lakh crore, it was once larger than HDFC. The company's troubles began with the global financial crisis in 2008, which strained its finances. Over the years, several factors contributed to its downfall: aggressive expansion into unrelated businesses like telecom and energy, which did not yield expected returns; regulatory issues; and a series of legal battles. By 2019, the company defaulted on its debt obligations, leading to insolvency proceedings. The situation was exacerbated by the failure of its telecom venture, Reliance Communications, and the subsequent legal and financial entanglements. The article outlines a timeline from its peak in the early 2000s to its current state, detailing key events like the sale of assets, the intervention of the National Company Law Tribunal (NCLT), and the ongoing acquisition process by Hinduja Group, which aims to resolve the company's massive debt of around Rs 40,000 crore.

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[ https://www.msn.com/en-in/money/economy/reliance-capital-acquisition-how-did-anil-ambani-s-company-once-bigger-than-hdfc-become-debt-ridden-full-timeline/ar-AA1vXKXr ]