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Last Updated : Mar 23, 2020 12:34 PM IST | Source: Moneycontrol.com

Brookfield may take over Piramal Capital's Rs 1,500cr loan to Adarsh Developers: Report

Non-banking financial companies (NBFCs) were finding refinancing of loans difficult after they went through a crisis in September 2018.


Brookfield Asset Management is considering to take over a loan given by Piramal Capital & Housing Finance to Adarsh Developers, according to a Business Standard report.

The size of the debt is around $200 million, or Rs 1,500 crore, the report said. Other terms of the transaction were not specified.

The deal is in the final stages, BM Jayeshankar - the chairman of Adarsh Developers - told the paper.

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Moneycontrol could not independently verify the story.

Brookfield declined to comment when approached by Business Standard while Piramal did not respond to queries.

“It is part of Piramal’s strategy to reduce single borrower exposure and reduce the share of big-ticket loans in real estate,” sources told the paper.

Non-banking financial companies (NBFCs) were finding refinancing of loans difficult after they went through a crisis in September 2018.

Brookefield has also taken over Oaktree Capital's loans to Dewan Housing Finance (DHFL), the report added.

India is becoming a major investment destination for Canada-based Brookefield, which manages $500 billion in assets globally.

Anuj Ranjan, the CEO of Middle East and South Asia, Brookefield, recently told Mint that the company intended to stay in India for another 11 years.

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First Published on Mar 23, 2020 12:34 pm

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