Ambit Flowers ARC, an asset restructuring joint venture between Mumbai-based brokerage Ambit Holdings Pvt. Ltd and New York-headquartered private equity firm JC Flowers, is looking to raise up to $1 billion from global investors, a financial daily reported.
The Economic Times reported that Ambit Flowers is planning to raise $150-200 million (Rs 973-1,298 crore) in the first tranche to invest in distressed assets held by banks.
Two unnamed people aware of the development told ET that the company is keenly watching various developments in the distressed assets space, including bankruptcy proceedings before the National Company Law Tribunal.
The joint venture was floated in 2016 to acquire stressed assets in India.
Essar Steel
Debt-laden Essar Steel has received interest from seven bidders, including Arcelor Mittal, Tata Steel and Nippon Steel, The Times of India reported, citing people aware of the development.
Essar Steel is one among 12 large NPA accounts identified by the Reserve Bank of India for loan resolution under the insolvency and bankruptcy code. It owes about Rs 45,000 crore to a consortium of bankers.
