IndusInd Capital
Corporate brand
UnclaimedIndusInd Capital is an Indian diversified financial-services company formerly known as Reliance Capital.
Last updated August 31, 2026
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Overview
IndusInd Capital Limited is an Indian financial-services company whose current identity follows its former operation as Reliance Capital. The business was originally incorporated in Ahmedabad, Gujarat, in 1986 as Reliance Capital & Finance Trust Limited. It adopted the Reliance Capital name in 1995 and obtained registration as a non-banking financial company in 1998. Over time, the company developed a broad financial-services platform spanning insurance, lending, asset management, securities broking, wealth management, distribution, private equity, asset reconstruction and proprietary investments. The company’s historical expansion reflected the wider diversification strategy of the Reliance Group. It entered the capital markets through a public issue in 1990 and later used additional public and rights offerings to raise capital. Its shares were initially traded on the Ahmedabad and Mumbai exchanges, and were subsequently listed on the Bombay Stock Exchange and National Stock Exchange of India. The company also broadened its shareholder base through the 2006 merger with Reliance Capital Ventures. Its operating portfolio included Reliance General Insurance, Reliance Commercial Finance, Reliance Home Finance, Reliance Securities, Reliance Asset Reconstruction and Reliance Health Insurance, alongside asset-management and life-insurance activities. These businesses served retail, commercial and institutional customers through products such as motor, health, property and travel insurance; business, vehicle, property and housing finance; mutual funds; securities trading; wealth-management services; and distressed-asset resolution. Several activities were conducted through separately incorporated subsidiaries or associated businesses rather than as a single integrated consumer brand. The company later entered a prolonged period of financial and governance stress. In 2019, PwC resigned as auditor, citing concerns about its ability to exercise independent judgment. Reports associated with the resignation raised questions about intercorporate deposits and the recoverability of a large amount linked to other Reliance entities. In November 2021, the Reserve Bank of India superseded the company’s board after payment defaults and serious governance concerns. These developments led to restructuring and a change in control. According to the supplied reference material, the company was sold to the Hinduja Group in 2025 and changed its name to IndusInd Capital Limited in December of that year. The renamed company therefore represents a post-restructuring financial-services platform whose precise current business mix, leadership, website and listing status require verification from current corporate and regulatory disclosures.
History
IndusInd Capital traces its corporate history to 1986, when it was incorporated in Ahmedabad, Gujarat, as Reliance Capital & Finance Trust Limited. The company changed its name to Reliance Capital on 5 January 1995 and received registration as a non-banking financial company in December 1998. Its registered office moved first to Jamnagar and later to Mumbai, reflecting the company’s development into a national financial-services platform. The company entered India’s capital markets with an initial public issue in 1990. It subsequently raised capital through further public and rights issues. Its equity shares were initially listed on the Ahmedabad and Mumbai stock exchanges and later traded on the Bombay Stock Exchange and National Stock Exchange of India. In 2006, Reliance Capital merged with Reliance Capital Ventures. The transaction expanded its shareholder base substantially and supported the consolidation of the group’s financial-services interests. During its principal expansion period, Reliance Capital assembled or sponsored businesses across a wide range of financial activities. Its portfolio included life and general insurance, asset management, mutual funds, commercial finance, home finance, securities broking, wealth management, distribution of financial products, private equity, asset reconstruction and proprietary investments. The structure was organized around specialist subsidiaries and operating companies serving different customer segments. Reliance General Insurance offered motor, health, home, property, travel, marine, commercial and specialty insurance. Reliance Commercial Finance provided business-expansion loans, loans against property, vehicle and construction-equipment finance, infrastructure lending, microfinance and agricultural loans. Reliance Home Finance focused on home loans, loans against property, construction finance and affordable housing. Reliance Securities operated as a retail broking and distribution business, while Reliance Asset Reconstruction pursued distressed-asset resolution. Reliance Health Insurance was established in 2017 and began operations in December 2018. The group also entered into a series of strategic transactions. In 2011, its life-insurance business sold a minority stake to Nippon Life Insurance. Nippon Life acquired a further minority interest in Reliance Capital Asset Management in 2012. In 2014, Reliance Capital announced the combination of its global film and media services business with Prime Focus. In 2017, it sold a minority holding in Paytm to Alibaba Group. In 2019, it sold a substantial interest in Reliance Nippon Life Asset Management to Nippon Life and exited certain trustee-company holdings. The company’s later history was dominated by financial and governance problems. PwC resigned as auditor in 2019, alleging that it could not conduct its work while being prevented from exercising independent judgment. The resignation was accompanied by concerns over intercorporate deposits and the recovery of a large sum connected with other Reliance companies. In November 2021, the Reserve Bank of India superseded the board following payment defaults and serious governance issues. The intervention marked a decisive break with the earlier promoter-led structure. The supplied reference states that the company was sold to the Hinduja Group in 2025. It further states that the company adopted the name IndusInd Capital Limited in December 2025, nine months after the sale. Because the reference does not provide current corporate filings, the exact post-transaction business portfolio, leadership, website and exchange status remain to be verified.
- 2025
Reported Hinduja Group sale and rebranding
[1]The supplied reference reports a sale to the Hinduja Group followed by adoption of the IndusInd Capital name in December.
- 2021
Regulatory board supersession
[1]The Reserve Bank of India superseded the board following payment defaults and governance concerns.
- 2018
Health-insurance operations begin
[1]Reliance Health Insurance began operations in December.
- 2017
Reliance Health Insurance established
[1]Established a standalone health-insurance subsidiary promoted by Reliance Capital.
- 2006
Merger with Reliance Capital Ventures
[1]Merged with Reliance Capital Ventures, significantly increasing its shareholder base.
- 1998
NBFC registration
[1]Obtained registration as a non-banking financial company.
- 1995
Adopted the Reliance Capital name
[1]Changed its corporate name to Reliance Capital on 5 January.
- 1990
Initial public issue
[1]Entered the capital market through a maiden public issue.
- 1986
Incorporation
[1]Incorporated in Ahmedabad, Gujarat, as Reliance Capital & Finance Trust Limited.
Products and positioning
A diversified Indian financial-services platform historically built around multiple specialist subsidiaries and businesses, with coverage across insurance, lending, investment management, capital markets and distressed-asset resolution. Following financial distress, regulatory intervention and a reported change of ownership, its current positioning is subject to confirmation.
Insurance
General insurance
The former Reliance General Insurance business offered personal and commercial coverage across motor, health, home, property, travel, marine and specialty risks. Its distribution model combined agency operations with partnerships involving banks and participation in public insurance schemes, including crop-insurance programs.
Lending
Commercial finance
Reliance Commercial Finance served businesses and retail borrowers through business-expansion loans, loans against property, vehicle finance, construction-equipment finance, infrastructure lending, microfinance and agricultural finance. It operated through a geographically distributed branch network.
Housing finance
Home finance
Reliance Home Finance provided home loans, loans against property, construction finance and affordable-housing loans. It used distributors and a hub-and-spoke model to reach customers across multiple Indian locations.
Capital markets
Securities broking and distribution
Reliance Securities functioned as the group’s retail broking and financial-product distribution arm. Its activities included securities broking and distribution services delivered through branches and other customer channels.
Distressed-asset management
Asset reconstruction
Reliance Asset Reconstruction operated in the asset-reconstruction sector, focusing on the management and resolution of distressed financial assets. It was sponsored or held through the Reliance Capital group structure.
Insurance · 2018
Health insurance
Reliance Health Insurance was established as a standalone health-insurance company promoted solely by Reliance Capital. It was established in 2017 and commenced operations in December 2018.
Investment management
Asset management and mutual funds
The historical Reliance Capital platform included asset-management and mutual-fund activities, supported by a dedicated asset-management company and related trustee structures. A minority interest in the asset-management business was sold to Nippon Life Insurance in 2012.
Controversies
2021
Regulatory intervention after defaults and governance concerns
The Reserve Bank of India superseded Reliance Capital’s board in November after payment defaults and what the supplied reference describes as serious governance issues.
2019
PwC auditor resignation and intercorporate-deposit concerns
PwC resigned as auditor, stating that it could not continue if Reliance prevented it from exercising independent judgment in its reporting. The episode also involved reported concerns about the recoverability and treatment of intercorporate deposits linked to other Reliance entities.
Brand decisions
2025
Rebranding as IndusInd CapitalStrategyBackground
Following the reported sale of the company to the Hinduja Group, a new corporate identity was adopted.
Action taken
Changed the company name from Reliance Capital to IndusInd Capital Limited.
Aftermath
The rebrand marked the company’s reported post-acquisition identity, although the current operating structure requires confirmation.
2019
Exit from selected investment-management and trustee holdingsM&ABackground
The group continued to simplify its portfolio and raise capital through selected disposals.
Action taken
Sold a 21.54 percent stake in Reliance Nippon Life Asset Management to Nippon Life Insurance and exited its interests in two wholly owned trustee companies.
Aftermath
The transactions reduced Reliance Capital’s holdings in selected asset-management and trustee businesses.
2017
Sale of Paytm holdingM&ABackground
Reliance Capital monetized an investment in the Indian digital-payments company Paytm.
Action taken
Sold its 1 percent holding in Paytm to Alibaba Group.
Aftermath
Reliance Capital exited that reported minority investment.
2014
Combination of film and media-services business with Prime FocusM&ABackground
Reliance Capital pursued a restructuring and combination of its global film and media-services interests.
Action taken
Announced the merger of its global film and media-services business with Prime Focus.
Aftermath
The transaction was intended to create a combined media-services entity.
2012
Nippon Life investment in asset managementM&ABackground
The group continued to use strategic partnerships to develop its investment-management operations.
Action taken
Nippon Life Insurance acquired a 26 percent stake in Reliance Capital Asset Management.
Aftermath
The transaction strengthened Nippon Life’s role across Reliance Capital’s insurance and asset-management businesses.
2011
Sale of minority stake in life insurance businessM&ABackground
Reliance Capital sought strategic participation and capital support for its life-insurance business.
Action taken
Sold a 26 percent stake in Reliance Life Insurance to Nippon Life Insurance.
Aftermath
Nippon Life became a strategic partner in the life-insurance business.
Recent events
Reported
HDFC acquired pledged shares in Reliance Capital, Reliance Infrastructure and Reliance Power[2]
HDFC acquired stakes in Reliance Capital, Reliance Infrastructure and Reliance Power after Axis Trustee Services invoked pledged shares on the Corporation's behalf. The acquisitions took place on March 26, 2020.
Reported
Reliance Capital appoints A N Sethuraman as additional director[3]
Reliance Capital appointed Angarai Natarajan Sethuraman as an additional director, with his term lasting until the conclusion of the ensuing Annual General Meeting.
Reported
Ryna Karani ceases to be Reliance Capital non-executive director[3]
Reliance Capital said Ryna Karani ceased to be a non-executive director from December 13, 2019, following her resignation.
Reported
Reliance Capital board approves executive appointments and elevation[4]
At its December 10, 2019 meeting, Reliance Capital's board approved Amit Bapna's elevation to president and chief operating officer, and the appointments of Sachin Bora as CEO and Vaibhav Kabra as CFO.
Reported
Nippon Life completes acquisition of 75% stake in RNAM[5]
Nippon Life Insurance completed its acquisition of a 75% stake in Reliance Nippon Life Asset Management from Reliance Capital.
Reported
Nippon Life completes acquisition of 75% stake in Reliance Nippon Life Asset Management[6]
Nippon Life Insurance of Japan completed the acquisition of a 75% stake in Reliance Nippon Life Asset Management from Reliance Capital.
Sources8 sources
- 1IndusInd Capitalen.wikipedia.org
- 2HDFC取得信实资本、信实基础设施和信实电力的质押股份thehindubusinessline.com
- 3Reliance Capital任命A N Sethuraman为额外董事business-standard.com
- 4信实资本董事会批准高管任命及晋升business-standard.com
- 5日本生命完成收购RNAM 75%股权business-standard.com
- 6日本生命完成收购信实日本生命资产管理公司75%股权business-standard.com
- 7Japan's Nippon completes acquisition of 75% stake in Anil Ambani's RNAM - BusinessTodaybusinesstoday.in
- 8Nippon Life Insurance completes acquisition of 75% stake in RNAM- Moneycontrol.commoneycontrol.com
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