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For Temasek, which recorded a net portfolio value of $235 billion for the year ended 31 March, the India portfolio stands at around $10 billion, with an average yearly investment of $1 billion in the last five years.
IDFC Alternatives will be the first fund to set up a company with a diversified business profile, which will include its platform investments in roads, renewables, logistics and telecom.
Following the implementation of the insolvency and bankruptcy code (IBC) in 2016, stressed assets specialists are looking for opportunities across businesses in India.
Last November, the private equity firm had entered into an agreement to acquire the company.
The bank bought the stake it did not own from US-based non-profit Accion.
The move comes at a time when most Indian banks are grappling with multiple challenges, including high non-performing assets and financial fraud.
The plan to raise money through QIP by the Ahmedabad-based company comes at a time when several road developers are accessing the capital market to raise funds.
IIFL said its board has approved raising fresh capital from HDFC Standard Life Insurance Co. Ltd, General Atlantic Singapore Fund Pte Ltd (GA) and Steadview Capital Mauritius Ltd, among others, for a 5.1% stake dilution.
CDC’s entry provides an exit to some of the existing limited partners (LPs) of IDFC Alternatives.
The acquisition of Binani Cement will, however, be subject to the Supreme Court’s ruling, with a Dalmia Bharat Ltd-led consortium challenging the 15 May order of the National Company Law Appellate Tribunal that allowed lenders to consider UltraTech’s revised offer. The offer was submitted after lenders selected Dalmia as the top bidder.