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Leading Indian Bad Debt Recovery Company Seeks Global Partners to Boost Presence

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An Indian distressed assets investor backed by Avenue Capital Group LLC is looking for global partners to buy as much as 55 billion rupees ($665 million) of soured loans this year.

“We are talking to a group of global investors including Cerberus Capital Management, Bain Capital, Oaktree and A B CarVal as they bring in strategic expertise to debt resolutions,” Pallav Mohapatra, chief executive officer of Asset Reconstruction Company Ltd., said in an interview. This will help the company recover bad loans it buys and boost its income, he said.

While Indian banks have cut back on the sale of bad loans to local asset reconstruction companies in recent years, the market has grown as the economy gradually recovers from the pandemic. The nation’s lenders wrote off bad loans worth 2.09 trillion rupees in the year that ended March 2023, up 20% from the previous year.

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