Piramal eyes tie-up with TPG Cap for stressed asset fund: Srcs

Ajay Piramal has gone on record that Piramal Enterprises is in the process of setting up a fund to invest in distressed assets and it will be with the backing of a marquee global partner.Quoting sources, CNBC-TV18's Nisha Poddar reports that the company is looking to tie up with TPG Capital for a stressed asset fund. In this deal, both of the companies together will aim at launching a USD 1 billion fund to invest in debt-laden companies and ease the non-performing asset (NPA) in the banking space.The venture together will hire new management to run the fund. Watch video for more