Brookfield set up JV with SBI, announces Rs.7,000 cr fund for bad loans
The Dollar Business Bureau Canada's Brookfield Asset Management on Wednesday committed Rs.7,000 crore to buy bad loans in India in collaboration with SBI. "The JV will independently evaluate and invest in various stressed assets, and will rely on Brookfield's operational expertise to manage recapitalized businesses," a joint statement said. SBI said it has pledged up to 5% of its investments into stressed assets, and its joint venture with Brookfield will motivate involvements from other lenders at a later stage. At present, the commercial banks’ stressed loans have reached over Rs. 8.2 lakh crore. Banks are creating in-house departments or selling their loans to ARCs (asset reconstruction companies) to deal with bad loans. ARCs issue, security receipts to the commercial banks in exchange of the loans ...
Foxconn to invest $5 bn in Maharashtra; gets 1,500 acres for plant
Source: PTI Global electronic manufacturing giant Foxconn on Saturday announced it will invest $5 billion over the next five years in Maharashtra, which has given the Taiwan-based company 1,500 acres of land for its plant. Foxconn Chairman Terry Gou said the facility in Maharashtra will focus on research and development as well as manufacturing, and the company has chosen the state for being a financial centre, availability of quality talent and software-hardware integration facilities. Foxconn will look for tie-ups with local partners for its presence in this state, Gou said, while adding that this MoU with the Maharashtra government was different from the already announced JV with the Adani group. At an event organised to announce the investment and a Memorandum ...
