IndusInd eyes $50bn valuation in BFSI through Mideast, India buys
DUBAI, 12 days ago
IndusInd International Holdings (IIHL), which has a significant shareholding from the UAE residents out of the 600 globally dispersed HNWI stakeholders is looking at growing its banking and financial services (BFSI) business to a targeted valuation of $50 billion through acquisitions in India, Europe and the Middle East by 2030.
IIHL’s BFSI business includes IndusInd Bank and Invesco, which is anticipated to grow from the current $17 billion to $30 billion in three years, and to $50 billion by 2030.
"Our masterplan for BFSI is in the making and IIHL team is working with consultants on how to move ahead to create value and growth for stakeholders,," said Ashok Hinduja, the IIHL Chairman.
According to him the recent acquisition of a majority shareholding of 60 per cent in Invesco Mutual Fund and the imminent $1.17 billion takeover of R-Capital post approval from Insurance Regulatory and Development Authority (IRDA) of India and others, will bolster the endeavours of IIHL to be a leading global entity in the BFSI space.
Hinduja said that IIHL is also looking at small banks in European countries such as Switzerland, Liechtenstein, Germany and Luxembourg, and due diligence processes were on.
The IIHL chief said he was also looking at listing on Afrinex, the Mauritian stock market, in which it holds a stake as well. IIHL has also got the approval of India’s Central Bank to hike stake in IndusInd Bank to 26% from the current 16%.
IIHL will also be keen to expand its banking and financial services business in other parts of the world, including in the GCC.-TradeArabia News Service
