KKR eyes stressed assets with strategic partners

The business for distressed assets has almost been a non-starter in India

US-based private equity (PE) major KKR plans to partner strategic players to bid for distressed assets.

According to an EY-Assocham report, over 200 proceedings are now on at the National Company Law Tribunal (NCLT). Metals and mining companies top this list, with over 50 cases; followed by engineering and construction (35); food, beverage and hospitality (27); power and electricity (20); and health care (7). The Reserve Bank of India’s list of 12 companies, which account for about $31 billion of soured loans, includes Essar Steel, Bhushan Steel, Jyoti Structures, Jaypee Infratech and ABG Shipyard.

“World over, PE firms compete with strategic investors