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Bloomberg
Bank of America Corp. (BofA) has bought its biggest distressed asset in India, adding to a growing trend of foreign investors diving deeper into the country’s massive pile of bad debt.
A group of investors led by the US bank have paid 33 billion rupees ($479 million) for soured loans of a beleaguered Indian maker of cast iron pipes, according to people familiar with the matter.
The group, which includes local bad debt buyer Assets Care & Reconstruction Enterprise, bought distressed loans of Jayaswal Neco Industries, with a face value of 47 billion rupees, said the people, asking not to be identified as they aren’t authorised to speak publicly.