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Kotak Mahindra Group, Canadian fund to invest $525-m in stressed assets

The group, along with Canadian fund, plans to invest in asset sales by banks to rejig, recover and turn around companies in distress

Reuters  |  New Delhi 

The Kotak Mahindra Group said on Monday that it has signed an agreement with Canada Pension Plan Investment Board (CPPIB) to invest up to $525 million in stressed assets in the country's banking and corporate sectors. CPPIB and the Indian financial services conglomerate, along with its asset reconstruction arm, Phoenix ARC, plan to invest in asset sales by banks with the aim to restructure, recover and turnaround companies in distress. “This investment is an important step in CPPIB's strategy to build a diversified credit business and will add to our direct credit ...

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First Published: Mon, March 14 2016. 14:05 IST