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India's Kotak Mahindra, Canada fund to invest $525 mln in stressed assets

Published 2016-03-14, 04:04 a/m
© Reuters. India's Kotak Mahindra, Canada fund to invest $525 mln in stressed assets

NEW DELHI, March 14 (Reuters) - India's Kotak Mahindra Group
said on Monday 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 investment capabilities in India," stated Adam Vigna,
managing director, principal credit investments, CPPIB, in a
statement.
Canada's pension fund will have the ability to invest up to
$450 million in the partnership, Kotak said in a statement.

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