Pramod Bhasin, Anil Chawla to float Rs 1k-cr AIF

Financial Express, Manisha Singhal,  Feb 20, 2018


Investor duo Anil Chawla and Pramod Bhasin are in the final stages of stitching together a Rs 1,000-crore domestic Alternate Investment Fund (AIF) for investing in distressed assets, sources with direct knowledge of the fund-raising exercise said. The money is being raised from the domestic market.“The proposal for AIF is with the Indian market regulator Sebi for approval and the fund is likely to be launched in the next financial year,” a source said, adding that the hiring for the fund is currently on. Both Bhasin and Chawla trace their partnership back to their GE days when Bhasin was the chief executive of BPO major Genpact and Chawla was heading the GE commercial finance business. GE gradually wound up its commercial finance portfolio in India and Chawla moved to head India operations of hedge fund DE Shaw.
Later in 2016, with the backing of private equity player AION, (jointly run by Apollo Global and ICICI Venture) they both acquired GE’s thinned finance portfolio, renamed as Clix Capital. AION is the majority partner in this platform. Sources said Chawla wants to go back to his roots of commercial finance and structured deals, which Clix with its retail focus wasn’t offering him. Chawla has, in the past, financed large and mid-cap companies and there are  currently more opportunities in this space as Indian banks’ bad debt portfolio is attracting independent investors who
are looking at double digit returns, as banks struggle  with large exposure to these stressed assets or NPAs on their books. AIFs are an ideal route to raise domestic money and ideal for tapping the liquidity flushed domestic market.


Comments

Post a Comment

Popular posts from this blog

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017 arrested his
Read more

J&K Cricket Board Scam: Chargesheet Filed Against Farooq Abdullah, 3 Others By CBI

OUTLOOK July 16, 2018 The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah and three others. The CBI on Monday filed a chargesheet against former Jammu and Kashmir chief minister Farooq Abdullah and three others in a special court in Srinagar in connection with alleged irregularities and misappropriation of funds in the Jammu and Kashmir Cricket Association. After the fall of the Peoples Democratic Party (PDP) and the BJP government, this is the biggest development that has taken place in the state. The National Conference has not reacted to the chargesheet so far. The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah, the then president of JKCA, Md Saleem Khan - the then general secretary, Ahsan Ahmad Mirza - the then treasuer and Bashir Ahmad Misgar, an executive in the J&K Bank. The BCCI gave Rs 112 crore t
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav
Read more