Fund backed by Uday Kotak bets on a stressed asset
An asset manager backed by Asia’s richest banker has finally invested in a stressed Indian asset, in a positive sign for the broader push to clean up the nation’s massive pile of bad debt.
Kotak Special Situations Fund invested ₹500 crore ($69 million) in beleaguered Jindal Stainless Ltd., India’s largest stainless steel producer, according to a statement. The fund is backed by billionaire banker Uday Kotak.
India’s efforts to clean up bad loans have caught the eye of global investors, but many money managers have held back due to difficulties agreeing on valuations.
Source: Livemint
