Brookfield, State Bank of India Plan Distressed-Debt Venture
- Pair sign memorandum of understanding for India joint venture
- Canada’s Brookfield would manage recapitalized businesses.
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Brookfield Asset Management Inc., Canada’s largest alternative asset manager, signed a memorandum of understanding with State Bank of India to set up a joint venture to invest in stressed assets in India.
Brookfield would put about 70 billion rupees ($1 billion) into the venture, the pair said an e-mailed statement on Wednesday. SBI would contribute as much as five percent of total investment, the statement said, without being more specific. Other lenders could later be involved.