The company is in financial trouble due to alleged misappropriation of funds by former promoters Shivinder Singh and his brother Malvinder Singh.
Several investigative agencies are probing the case of financial misappropriation of around Rs 4,000 crore.
“We will definitely start the business (of RFL) in January… This last engine will start from next year. Rs 411 has been set aside for RFL and for the debt restructuring process and the bankers have put in place an additional line of funding. Have agreed to the same,” Saluja told PTI.
He said the company has put on hold NPAs of Rs 600 crore and it is in the final stages. This is a part of debt restructuring that has been agreed upon by the bankers and Religare Enterprises Limited (REL).
Talking about the future course of RFL, he said, stringent governance practices will be followed and a technology-led business model is being worked out.
The company has started hiring the right talent to manage the business. With regard to its standalone insurance venture, Care Health Insurance Limited (CHIL), it said, it is doing well.
Last year, domestic private equity firm, Kedara Capital Fund II LLP completed an investment of Rs 567.31 crore, which includes primary capital infusion and purchase of 6.39 per cent stake in erstwhile Religare Health Insurance Company Ltd.
Subsequently, Religare Health Insurance rebranded itself as Care Health Insurance in August last year.
“Kedara as a collaborative partner, as a shareholder and as a board member of Care Health, has been giving the right advice. Our relationship has been very smooth and we have great respect for the professional approach he has taken in handling all matters. Is.”
Kedara currently holds a 17 per cent stake, while state-owned Union Bank of India holds a 6 per cent stake in the health insurance company.