Brookfield to invest Rs 70 bn in JV with SBI for Indian distressed assets

While the state-run bank will contribute up to 5% of its total investments

Canada's Brookfield Asset Management Inc aims to pump in about $1 billion into a proposed joint venture (JV) with India's top lender State Bank of India (SBI) that will invest in distressed assets in the South Asian nation, the companies said on Wednesday.

Brookfield will commit about Rs 70 billion ($1 billion) to the venture, while SBI will contribute up to 5 per cent of its total investments, according to a joint statement.

The JV may at a later stage seek participation from other lenders in the identified assets, the statement said.

($1 = Rs 67.2100)