CPPIB to invest $225 million in Bain, Piramal-led India Resurgence Fund


Business Standard

Abhijit Lele

India Resurgence Fund invests in distressed assets by purchasing existing debt and equity securities.

Canada Pension Plan Investment Board will invest $225 million in India Resurgence Fund (IndiaRF), a distressed asset buyout platform.

CPPIB, through its wholly-owned subsidiary CPPIB Credit Investments Inc, will infuse money into the fund, which was set up by Piramal Enterprises and Bain Capital Credit.
IndiaRF invests in distressed assets by purchasing existing debt and equity securities either through bankruptcy courts or directly from lenders. The fund also has option to invest money through newly-issued securities.

John Graham, Senior Managing Director & Global Head of CPPIB Credit Investments, said the investment in IndiaRF represents an increase in credit commitments in India and that they are targeting attractive risk-adjusted returns in the sizeable Indian distressed credit space.

The partnership with a strong local operator and active oversight from a trusted global partner will allow us to further increase investments in India for the long term, CPPIB said in a statement.

IndiaRF had earlier raised $100 million from the International Finance Corporation (IFC) through its Distressed Asset Recovery Program. IFC has played the role of an anchor investor for IndiaRF and will use its global expertise, alongside that of CPPIB, to help implement environmental, social and corporate governance standards at the fund.
Helping to address India’s non-performing loan (NPL) problem will have a very significant positive spillover effect on the economy and and will help create jobs, said Mengistu Alemayehu, South Asia Director, IFC.

IndiaRF also raised capital from other international high-net-worth investors and family offices through the current round.

Reference:  https://www.business-standard.com/article/companies/ccpib-to-invest-225-million-in-bain-piramal-led-india-resurgence-fund-119121800174_1.html

Comments

Post a Comment

Popular posts from this blog

India Joins Russia in Voting Against West-Backed Move to Expand Powers of OPCW

The Wire: June 28, 2018 New Delhi: India voted against a UK-backed move that will allow the global chemical weapons watchdog to apportion blame for illegal attacks, criticising the decision to grant “unchecked powers” to the head of the group which could be used for “partisan” purposes. On Wednesday, more than two-thirds of the member states of the Organisation for the Prohibition of Chemical Weapons (OPCW) voted to authorise the international body to identify the perpetrators and sponsors of a chemical weapons attack. It also specifically called on the OPCW’s technical secretariat to begin work on identifying the perpetrators behind the use of chemical weapons in Syria. The draft decision, sponsored by 30 countries, was adopted at the fourth special session of the conference of the states parties to the Chemical Weapons Convention at the Hague, with 82 in favour and 24 negative votes. While Europe, the United States and their allies voted ‘yes’, there was strong oppo
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

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