Brookfield plans $1 bln investment in Indian distressed assets: Reuters
Canada's Brookfield Asset Management plans to invest about US$1 billion in Indian distressed assets through a joint venture with the largest lender in the South Asian nation where banks are battling a record US$120 billion of sour debt, Reuters reported. Brookfield and State Bank of India have signed a preliminary agreement to set up a joint venture for the investments, the firms said this week. Indian banks, with 11.5 percent of their loans soured, are under pressure from the regulator and the government to clean up their books as higher bad loans choke fresh lending in an economy whose main source of funding is bank credit.
21 July 2016•2 mins read
