Ambit Flowers ARC, an asset restructuring joint venture between Mumbai-based brokerage Ambit Capital and US private equity firm JC Flowers, plans to raise up to $1 billion from global investors to invest in distressed assets under insolvency proceedings.
The asset reconstruction company plans to raise $150-250 million in the first tranche, two persons familiar with the matter told ET. Other tranches would follow depending on its success, they said.
Implementation of the Insolvency and Bankruptcy Code (IBC) has widened opportunities for stressed asset buyers by detailing a time-bound insolvency mechanism that could well throw a lifeline to both debt-laden companies and the countrys banks stuck with about Rs 9 lakh crore of soured loan…
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