Insurance sector regulator IRDAI has given conditional approval to Hinduja Group firm IndusInd International Holdings Ltd. (IIHL) for the takeover of debt-ridden Reliance Capital Limited (NSEI:RELCAPITAL). "We are happy to acknowledge the receipt of approval from IRDAI on May 10, 2024 on the auspicious occasion of Akshaya Tritiya. The approval is subject to certain `regulatory, statutory, and judicial' clearances/compliances," an IIHL spokesperson said in a statement.

IIHL stands committed to working towards obtaining the same as soon as possible and aims to close this transaction by the NCLT's stipulated date of May 27, 2024, the spokesperson said.