Sunday, May 19, 2024

Darwin Platform Group Chairman Ajay Harinath Singh enters into Revival Plan of Reliance Capital

After carving a niche in several high growth sectors including Finance, Darwin Platform Group Chairman Ajay Harinath Singh has geared to expand his share in the Non-Banking Finance sector and submitted an Expression of Interest (EoI) for investment on his personal capacity. Based on his individual asset net worth and investment plan, he is expected to acquire a majority stake in Reliance Capital Ltd.(RCL) which is facing insolvency proceeds now. 
 
With promising investment opportunities to enhance market share in NBF Sector, the Darwin Chief quickly responded to an invitation sent by Deloitte inviting EoI and submitted his bid on March 25, the last date for submission. Deloitte India Insolvency Professionals LLP (Deloitte IPE) has been appointed to support and assist the administrator- Nageshara Rao, who has been appointed as administrator of RCL by the Reserve Bank of India (RBI) through National Company Law Tribunal (NCLT) order. 
 
Given the potential of the NBF sector, Ajay Harinath Singh finds huge value in RCL as a diversified financial company as an NBFC, operating in general insurance, life insurance, securities, asset reconstruction among other segments. The RCL, a corporate debtor now, is currently undergoing Corporate Insolvency Resolution Process (CIRP) under Insolvency Resolution Code vide an application filed by the RBI through NCLT bench at Mumbai order dated December 6, 2021. Recently the Administrator had issued an invitation for submission of EoI from Prospective Resolution Applicants (PRAs) in relation to the submission resolution plan for the corporate debtor. 
 
Under the visionary leadership of Ajay Harinath Singh, Darwin Platform Group of Companies has been expanding its operations in high growth sectors and strives to acquire the nation’s assets –public and private enterprises to make them more vibrant and profitable with innovative business models. In the last three years, DPGC a leading Indian Global Business Conglomerate with USD 8.4 billion net worth, had aggressively participated in the bidding process for acquiring grounded Jet Airways,
debt-ridden Air India, SCIL, and privately owned Lavasa Smart City.

However, for the first time, the Darwin Chief has come forward to invest in RCL in his personal capacity as he has more than 90 per cent of the Group’s share or asset net worth. 
 
  
Ajay Harinath Singh, Group Chairman, DPGC confirmed that he has submitted its investment plan (EoI) and entered into the race for RCL. “Finance especially Non-Banking Finance sector is growing rapidly in the country. Unfortunately, a diversified NBFC RCL is now in trouble but the company had made its strong presence felt across the country. With the infusion of adequate money, it can be revived with its initial vibrancy. I am leading a global business conglomerate in several high growth sectors with 29 associate companies. Hence, with investment in RCL, hopefully, I would be able to help in creating a vibrant NBFC,” said Ajay Harinath Singh
 
“Wealth creation for nation-building is our core value and I would be very proud if I am instrumental in reviving RCL. A company like RCL would strengthen the NBF sector and boost our economy,” concluded Ajay Harinath Singh.

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