Special Situations

We are a market leader in special situations investing in India. Our deep capabilities and understanding help in resolving stressed businesses, unlocking value and creating a positive economic impact.

$ 1.5bn

Capital Commitments

$ 900mn

Amount Realised

47

Investments

16

Exits

Established Philosophy

We target investments in inherently viable companies with a positive EBITDA. Our sharp focus on asset heavy companies with multiple exit options provides capital protection with attractive returns for our investors.

Extensive Experience

We are the first port of call for financial institutions in India looking to sell their stressed loans. Our thought leadership, on-ground investment team and in-house legal expertise puts us at the forefront of special situations investing and resolution.

Business Revival

We are actively involved with our portfolio companies for their revival and growth. We restructure capital and use our asset management capabilities to engineer successful turnarounds. Our sustainability-based investment approach helps in job protection and creation. 

Business

“Stressed Asset pool of more than $150 billion,
world-class insolvency framework under IBC &
an opportunity to turnaround stressed assets in
a growing economy, make Indian stressed
assets a very attractive and compelling
investment opportunity.”

Amit Agarwal

Fund Manager – Special Situations

Our Portfolio Companies

pharma company
Turnaround of a listed pharma company

Invested in a listed pharma company with US FDA approvals and key global clients. The company was supporting its loss making group companies financially resulting in stress. Our flexible capital and disciplined monitoring ensured a turnaround for the company thereby attracting strategic interest.

steel company
Debt resolution for a large steel company

India’s fourth largest steel producer was facing stress due to an industry downturn and delays in regulatory approvals. We aggregated debt of this company at a significant discount and were instrumental in driving the resolution process through IBC. The company attracted multiple strategic buyers and has successfully achieved resolution.

paper company
Successful turnaround of a distressed paper company
India’s largest writing and printing paper company was under stress due to an over leveraged balance sheet and stretched working capital. We aggregated debt from multiple lenders and provided priority funding to restart operations. Our investment along with the active involvement of the asset management team helped the company achieve its even best financial performance.
RE-loan-pool
Generated cash flows for a distressed RE loan pool

Invested in a senior tranche in a distressed real estate loan pool from a NBFC with priority over cash flows and an attractive security cover. We also provided additional funding to the underlying real estate projects through our investment.

Dangote cement factory
Invested in a large cement company

Invested in a cement manufacturing company with two integrated plants with an aggregate capacity of 5.71 MTPA (clinker) and 7.25 (cement). The company is an established brand in core markets and has significant EBITDA potential. The Fund has entered the transaction at an attractive enterprise value.