IndusInd Capital

IndusInd Capital was incorporated in 1986 at Ahmedabad in Gujarat as Reliance Capital & Finance Trust Limited. After its name was changed to Reliance Capital (RC) on January 5, 1995, it obtained its registration as a non-banking company (NBFC) in December 1998.

Having shifted its registered office to Jamnagar in Gujarat, Reliance Capital finally moved to Mumbai in Maharashtra four years later. In 2006, it merged with Reliance Capital Ventures, increasing its shareholder base from 0.15 million to 1.3 million.

RC entered the capital market with a maiden public issue in 1990 and in subsequent years further tapped the capital market through rights issue and public issues. Initially listed on the Ahmedabad and Mumbai Stock Exchanges, its equity shares are listed on the latter and on the National Stock Exchange of India.

In 2019, auditors of PwC resigned claiming that they were not allowed to carry on their audits if Reliance prevented it from exercising independent judgment in making a report to the members of the company. Although RC denied any wrongdoing, auditors revealed that the recoverable amount of ₹7083 crore was in fact misappropriated intercorporate deposits from other Reliance firms.

The Indian firm had Anil Ambani as its promoter and chairman until November 2021, when the Reserve Bank of India (RBI) superseded the RC board in view of payment defaults and serious governance issues.

In December 2025, nine months after being sold to the Hinduja Group, the company changed its name to IndusInd Capital Limited.

Reliance Capital's prominent businesses are as follows:

Reliance General Insurance

Reliance General Insurance Company Limited is an Indian insurance company, part of Reliance Capital Ltd. The firm has a 7.3% market share in the private sector and has the largest agency channel, with over 24,500 agents. The CEO and Executive Director is Rakesh Jain.

The company has strengthened and diversified its distribution network by forging partnerships with major banks. Reliance General Insurance is an active participant in various government crop insurance schemes, including the Pradhan Mantri Fasal Bima Yojna, and has insured over 3 million farmers under this financial inclusion initiative. The total gross written premium (GWP) for the year which ended 31 March 2017, was ₹40.07 billion (US$420 million). Reliance General Insurance (RGI) offers insurance for auto, health, home, property, travel, marine, commercial and other specialty products.

Reliance Commercial Finance

Reliance Commercial Finance is among the leading lenders in the Indian non-banking finance sector. The CEO and Executive Director of the company is Devang Mody.