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“The idea is to raise a $120-150 million fund that will be investing in hospitality businesses, largely acting as last-mile funding. We will be specifically looking at near-complete assets needing last-mile funding to become operational,” said Deepesh Garg, managing director at o3 Capital Global Advisory Pvt. Ltd.
The fund expects to stay invested for six to eight years in each company it will put money in, given the significant amount of time it takes to turn around a distressed asset and nurse it back to financial health.
CDC’s investment will help the IIFL Group expand its financing business.
The two have proposed to launch a joint venture (JV) where Brookfield will commit approximately Rs.7,000 crore and SBI will put in up to 5% of the total investments into stressed assets.
JM Financial has been acquiring bad loans through its ARC; one of its biggest purchases was in July 2014 when it acquired the loans owed by Hotel Leelaventure Ltd from a consortium of banks led by State Bank of India.
More than eight out of every 10 leveraged buyouts (LBO) that happened in post-liberalization India took place after 2007.
“If there is a business that could be a non-performing asset hypothetically, which is outsourced by a bank to an asset reconstruction and that needed an equity infusion, we would look at it just as any other investment opportunity,” said Ravi Lambah, co-head, India and head for telecom, media and technology at Temasek.
Indian Oil Corporation Ltd (IOC), Oil India Ltd and Bharat Petro Resources Ltd (BPRL), a unit of Bharat Petroleum Corporation Ltd (BPCL), are together looking to raise $2 billion in debt to fund their purchase of stakes in two Russian fields, Vankorneft and Tass-Yuryakh.
Piramal Enterprises Ltd, JSW Cement Ltd, Nirma Ltd, China’s Anhui Conch Cement Co. and Mexico’s Cemex SAB have submitted their bids.
ONGC also plans to sell shares to the public OPaL in a few years from now. Post the stake sale and the listing, ONGC said the envisaged equity structure would be: ONGC (26%), GAIL (15.5%), GSPC (0.5%), other public sector companies (8%), strategic investor 25%, and public shareholding (25%).