ICICI, Apollo to set up asset reconstruction company

MUMBAI: India’s biggest private lender ICICI Bank Ltd and private equity firm Apollo Global Management LLC said on Monday that they would set up an asset reconstruction

MUMBAI: India’s biggest private lender ICICI Bank Ltd and private equity firm Apollo Global Management LLC said on Monday that they would set up an asset reconstruction company in India to buy into troubled loans held by banks. AION Capital Management will be a third partner in the new entity, which has yet to obtain regulatory approvals. No monetary values were disclosed, and the new asset reconstruction company will also look at buying equity stakes in companies. Last month, State Bank of India and Brookfield Asset Management had set up a joint venture with initial commitment of over $1 billion (₹7,000 crore) from Brookfield and up to 5% of the total investments by SBI.

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