Apollo Global Management recently raised an $825m fund in a partnership with Indian bank ICICI, while Tata Capital Private Equity and Edelweiss Financial Services are currently seeking cash, said Bloomberg.
That fund has made investments of INR3bn ($50m) in engineering business Jyoti Structures and INR9.6bn and INR4.5bn in pharmaceutical company Avantha Holdings and commodity business Mercator, respectively, Preqin data showed.
Commitments to Indian distressed debt funds soared to $1.74bn this year from $70m in the whole 2013 and $4.78bn.
“Foreign funds have a chance to play a bigger role in the turnaround of assets that have become distressed given their capability and expertise,” International Asset Reconstruction managing director Birendra Kumar.
“Growing interest from abroad for taking a active part in India is a good sign.”
Copyright © 2014 AltAssets