 "balance sheet deleveraging")
In India, over the past few years, we have seen an intense balance sheet deleveraging among large corporate houses. The infamous Credit Suisse “House of Debt” reports had chronicled how several large Indian companies had unsustainable capital structures, with no free cash flow, and a desperate need to deleverage. Their debt burden had to come down. This deleveraging has taken place over the past six to seven years, through asset sales, bank write-offs and in certain cases change in control. Both the banking system (with the non-performing assets peaking at near 15 per cent) and the economy have borne the
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