Special Situations

We are a market leader in special situations investing in India. Our deep capabilities and understanding help in resolving stressed businesses, unlocking value and creating a positive economic impact.

$ 2.4bn

Capital Commitments

$ 2.2bn

Amount Realised

54

Investments

25

Exits

Established Philosophy

We target investments in inherently viable companies with a positive EBITDA. Our sharp focus on asset heavy companies with multiple exit options provides capital protection with attractive returns for our investors.

Extensive Experience

We are the first port of call for financial institutions in India looking to sell their stressed loans. Our thought leadership, on-ground investment team and in-house legal expertise puts us at the forefront of special situations investing and resolution.

Business Revival

We are actively involved with our portfolio companies for their revival and growth. We restructure capital and use our asset management capabilities to engineer successful turnarounds. Our sustainability-based investment approach helps in job protection and creation.

“Opportunity of ~$ 25-30 billion, world-class insolvency framework under IBC &
a growing economy, make Indian Special Situations a very attractive and compelling
investment opportunity.”

Amit Agarwal

President & Head – Private Credit

Our Portfolio Companies

Turnaround of a listed pharma company

Invested in a listed pharma company with US FDA approvals and key global clients. The company was supporting its loss making group companies financially resulting in stress. Our flexible capital and disciplined monitoring ensured a turnaround for the company thereby attracting strategic interest.

Debt resolution for a large steel company

India’s fourth largest steel producer was facing stress due to an industry downturn and delays in regulatory approvals. We aggregated debt of this company at a significant discount and were instrumental in driving the resolution process through IBC. The company attracted multiple strategic buyers and has successfully achieved resolution.

Successful turnaround of a distressed paper company

India’s largest writing and printing paper company was under stress due to an over leveraged balance sheet and stretched working capital. We aggregated debt from multiple lenders and provided priority funding to restart operations. Our investment along with the active involvement of the asset management team helped the company achieve its even best financial performance.

Generated cash flows for a distressed RE loan pool

Invested in a senior tranche in a distressed real estate loan pool from a NBFC with priority over cash flows and an attractive security cover. We also provided additional funding to the underlying real estate projects through our investment.

Invested in a large cement company

Invested in a cement manufacturing company with two integrated plants with an aggregate capacity of 5.71 MTPA (clinker) and 7.25 (cement). The company is an established brand in core markets and has significant EBITDA potential. The Fund has entered the transaction at an attractive enterprise value.