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The corporate battle for control over Religare Enterprises (REL) is fast turning out to be a gripping tale of strategic manoeuvres, legal twists and surprise moves. At the heart of this

contest is a clash between the independent management team led by Rashmi Saluja and the Burmans, one of India’s most prominent business dynasties -- the “Dabur” family. The Burmans, who have

long sought to consolidate their control over REL, announced an open offer last year, setting the stage for a contentious takeover.

But just as the pieces seemed to be falling into place with Sebi go-ahead for their open offer coming through, a wildcard has emerged from an unlikely corner of the globe: a Florida-based

Indian-origin hotelier, Digvijay Laxhamsinh Gaekwad a.k.a Danny Gaekwad, who claims to have invested over $250 million in developing more than a dozen hotels, including partnerships with

premier brands like Hilton and Intercontinental.

Who is Danny Gaekwad?

Gaekwad, a first-generation American entrepreneur who built his fortune in real estate, hospitality, and technology, had moved to the States in the late 1980s with his wife, Manisha, to

chase the “American Dream”. Over the years, he built a sprawling empire that includes premium hotel brands, real estate developments, and medical transcription venture. A staunch supporter

of Donald Trump, Gaekwad has been vocal about his admiration for the former president’s pro-business policies, especially those that benefit entrepreneurs like him.

Until now, Gaekwad’s focus has been squarely on the U.S., where his projects, including the revitalisation of Orlando’s Church Street Exchange and Ocala’s Hilton Garden Hotel, have earned

him recognition as a “visionary developer”. So why would someone who seemingly bid farewell to his homeland decades ago and has thrived in the American business landscape suddenly wade into

a contentious corporate battle in India? And more intriguingly, why do his arguments appear to echo the concerns voiced by REL’s independent management under Saluja?

Gaekwad’s entry into the fray comes in the form of a competing offer for REL’s shares, priced at ₹275 per share — a significant 17% premium over the Burman family’s ₹235 offer. On paper, his

bid appears to be a straightforward attempt to provide shareholders with better value.

The independent directors, led by Saluja, have long pushed back against the Burman family’s moves, arguing that the company’s value and prospects deserve better recognition. Their concerns

about the transparency and fairness of the Burman offer have been well-publicised. Gaekwad’s arguments, oddly in line with these concerns, suggest more than a passing coincidence.

Adding to the intrigue is Gaekwad’s lack of prior connection to REL or India’s financial sector. His career has been rooted in American hospitality and real estate, far removed from the

complexities of India’s NBFCs. Yet, his letter to Sebi reveals a deep understanding of the regulatory and strategic issues at play, including a detailed critique of the Burman family’s

failure to adequately address RBI conditions and the broader implications for shareholders.

As a Trump supporter and advocate for transparent, pro-business policies, Gaekwad’s stance resonates with the narrative of fostering fair competition and maximising shareholder value.

For the Burmans, Gaekwad’s move represents a significant challenge. Their bid, which seemed poised to consolidate their control over REL, now faces the possibility of a competing offer that

could disrupt their plans. For Saluja and the independent management, Gaekwad’s entry is a twist that bolsters their position, whether by coincidence or design. And for shareholders, it adds

another layer of complexity to an already high-stakes decision.

Whether his bid is an independent attempt to capitalise on a perceived opportunity or part of a larger counter-narrative to the Burman family’s plans, one thing is clear: the fight for REL

is far from over.

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