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India's 'dirty dozen' debtors lure big funds to bad loans

The country's new insolvency code that took effect in 2016, will help open the market for soured loans

Denise Wee Sridhar Natarajan & Anto Antony | Bloomberg 

India’s highest-profile default this year and the government’s plan to inject capital into state-controlled lenders have thrust the nation’s bad debt into the spotlight. Some global debt funds increasingly like what they see. The nation’s so-called dirty dozen—12 large debtors that have been ordered to go through the bankruptcy courts—are one focus for funds, including Bain Capital Credit and alternative investment firm Varde Partners. The government’s decision last month to inject Rs 2.11 lakh crore ($32.5 billion) of capital into state-controlled ...

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First Published: Fri, November 24 2017. 01:26 IST