Indian billionaire Ajay Piramal to float $1b fund for stressed assets

Indian billionaire Ajay Piramal to float $1b fund for stressed assets

A file photo of Ajay Piramal. Piramal Capital currently manages assets in excess of Rs.22,000 crore, with specifically tailored investment strategies for real estate, infrastructure and other special situations. Photo: S. Kumar/Mint

The Ajay Piramal-led Piramal Group will be floating a $1 billion stressed asset fund in association with Nirmal Gangwal, founder of turnaround company Brescon Corporate Advisors Pvt. Ltd.

The fund will look to invest in stressed assets at a time when the country’s lenders are trying to clean up their balance sheets. This process is likely to throw up opportunities for those willing to put in the capital and management bandwidth required to turn these assets around.

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