Bad loans at Indian banks jumped by nearly a third to around 4 trillion rupees (USD 60.3 billion) late last year as the central bank drives a national clean-up of banks' balance sheets.
ICICI Prudential's India Opportunity Real Estate Fund had invested about Rs 30 crore as equity in the Logix group's housing project Blosson Green at Noida in 2011. Logix Group is also in process to give exit to Apollo global in its IT project covering 1.2 million sq ft.
US private equity firm Apollo Global Management LLC and ICICI Venture, the private equity arm of No.2 Indian lender ICICI Bank , are close to raising USD 350 million to invest in distressed assets in India, two sources with direct knowledge of the matter told Reuters.
Private equity firm Apollo Global is set to go public this week, and if the sale goes well, a gaggle of alternative investment managers could follow.