Ashok P. Hinduja, Chairman, Hinduja Group indicated about the Group’s plans on entering through big stake in the BFSI Banking, Financial Services, and Insurance sector. With this , the conglomerate aims to build approximately $ 35-40 billion in coming five to seven year period through its vertical expansion plans.
In addition to the mobility and energy sectors, the reputed Hinduja Group has focused on BFSI as its next ten-year development plan.
At this media roundtable, Hinduja, the company behind Hinduja Bank(Switzerland), Hinduja Finance Leyland and IndusInd Bank, stated that the group is expanding and intends to join the fintech, digital, and other tech sectors as part of its next phases of growth. It also plans to acquire companies to fill in any gaps and have full offerings in the BFSI sector.
“So the first phase will start and the objective of the holding structure, which is a Mauritius-based IndusInd International, is to grow into the BFSI sector to complete the full stack,” he said.
Additionally, it is boosting the promoter’s interest in IndusInd Bank in light of the RBI’s modification of its policy allowing promoters to own up to 26% of private banks. Moreover, it is optimistic of its purchase of the heavily indebted Reliance Capital by the November end.
Ashok Hinduja (73), added that along with the stock broking and ARC (asset reconstruction business), the conglomerate will kickstart in the health, general and life insurance industry with the acquisition of Reliance Capital.
“So that will cover part of it, balance left out is the mutual fund, the wealth management that is also we are on a lookout for,” stated Hinduja, adding “hopefully by the end of this financial year, mostly 95 per cent of the BFSI sector will be covered.” stated Hinduja.