Complex sentence: In 1923, the ruler of Holkar invited him to Indore and made him a Captain (land and air) in his army, conferring on him the honour of a Colonel in Holkar's Army.
Split into simpler sentences: In 1923, the ruler of Holkar invited him to Indore and made him a Captain (land and air) in his army. Thus he received an honour of a Colonel in Holkar's Army.