Foreign PE funds and JVs to have a go at next round of IBC assets

On average each company will require more than $100 million of equity infusion to begin with

Leading global private equity (PE) funds and their joint ventures (JVs) are set to bid for the next round of 28 stressed assets that will be on the block through the IBC (Insolvency and Bankruptcy Code) process.

The big global players have had limited success in the first round of sale of 12 large stressed assets, with only AION, a JV between Apollo Global Management and ICICI Venture, picking up Monnet Ispat in a consortium with JSW.

The other big global players (KKR had looked at Monnet), despite having an interest, left the game mostly to strategic players. Bain-Piramal, for instance, was