fundNew Delhi, Jan 14 (PTI) Former Religare Enterpriseschairman and managing director Sunil Godhwani is looking toraise USD 500 million (Rs 3,181 crore) for his 'stressedassets revival fund' focussed on the Indian markets.
Godhwani is in talks with leading players Abraaj Capital,Axa Special Situation Fund, Oaktree, Silverpoint,Centerbridge, HarbourVest, among others, people close to thedevelopment said.
He is eyeing USD 500 million for his 'stressed assetsrevival fund' to invest in troubled assets sold by banks, theyadded.
When contacted, Godhwani declined to comment.
According to finance ministry data, as many as 1,463entities account for bad loans of Rs 100 crore or more in 21public sector banks (PSBs).
Gross non-performing assets of state-owned banks stood atRs 7.34 lakh crore by the end of second quarter this fiscal.
Stressed assets and the NPA issue has opened up a hugeopportunity in the country for special situation funds thatmainly invest in distressed assets.
Godhwani's fund will focus on assets of -- USD 25 to 100million -- in size and would be taking pure equity stake postsettlement with banks and creditors.
After turnaround, these assets will be publicly listed in3 to 4 years.
The fund would be a focused seven-year fund.
Earlier, these special purpose funds have failedprimarily due to the lack of understanding of Indian landscapeand nexus between promoters and bankers.
In July 2016, Sunil Godhwani stepped down as chairmanand managing director of Religare Enterprises and wasdesignated as whole-time director and CEO.
On September 6, 2017, Godhwani stepped down as whole-timedirector as well. PTI DRR BJMKJ.
This is unedited, unformatted feed from the Press Trust of India wire.