State Bank of India (SBI) has signed an agreement with Brookfield Asset Management Inc to form a joint venture, which will invest in its stressed assets. Under the proposed joint venture, Brookfield will commit about Rs 7,000 crore and SBI up to 5 per cent of total investments into stressed assets.
Brookfield is a global alternative asset manager with $240 billion in assets under management. It has an over 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. It is listed on the New York, Toronto and Euronext stock exchanges.
The joint venture will be in the nature of an alternative investment fund. Such funds are regulated by the capital market regulator SEBI.
SBI Chairman Arundhati Bhattacharya said this approach of collaborating with global players will enable banks in general and SBI, in particular, to find alternative solutions for the resolution of stressed assets.
NPAs: SBI signs pact with Brookfield
By IndianMandarins - 2016-07-21 09:39:21
State Bank of India (SBI) has signed an agreement with Brookfield Asset Management Inc to form a joint venture, which will invest in its stressed assets. Under the proposed joint venture, Brookfield will commit about Rs 7,000 crore and SBI up to 5 per cent of total investments into stressed assets.
Brookfield is a global alternative asset manager with $240 billion in assets under management. It has an over 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. It is listed on the New York, Toronto and Euronext stock exchanges.
The joint venture will be in the nature of an alternative investment fund. Such funds are regulated by the capital market regulator SEBI.
SBI Chairman Arundhati Bhattacharya said this approach of collaborating with global players will enable banks in general and SBI, in particular, to find alternative solutions for the resolution of stressed assets.
