Warburg owns about 80% stake in Avanse. World Bank's arm International Finance Corporation (IFC) owns remaining 20% stake in the non banking finance company. Avendus has been appointed by Warburg Pincus to find potential suitors. A formal process is expected in the coming weeks.
The interest payments of the companies is going to increase going forward because interest rates are expected to go up in the rising rate cycle where the Reserve Bank of India (RBI) has already front loaded 140 basis points hike in policy rate.
Business-friendly environment makes India one of the favourite destinations for foreign investment, Watsa said speaking virtually at India@75 session. The chairman of the Financial Holdings said his company has so far invested USD 7 billion in India and it plans to double that investment in 4-5 years.
Administrator Rajnish Sharma received two plans on Wednesday - one from Arena Investors in partnership with a Varde Partners affiliate and another joint offer from Shon Randhawa and Rajesh Viren Shah - but he pushed back the deadline to submit the final bids to August 19.
CPP’s investments spread across sectors and include its $333 million exposure towards Sequoia’s tech-focused India fund, while many other investments were co-investments, according to its presentation.
According to sources in the financial sector, the dubious means of digital money lending platform have claimed many lives, especially during the height of the Covid-19 pandemic when people were in dire need of money, and unable to pay back on time.
Initially, the facility will be available to its existing gold loan customers, the company said. It will later be expanded to a broader segment. The NBFC is using a digital platform for launching the personal loan facility. It had recently launched an online gold loan facility in some markets.
Recovery has improved compared to the previous quarter and reached almost 99% in some states. However, Assam, West Bengal, Kerala, Tripura, and Chhattisgarh are among the major states which have shown below average recovery and are a drag on the overall asset quality.
The Reserve Bank of India on Thursday said the licence of Deccan Urban Co-operative Bank, Karnataka, has been cancelled as the lender does not have adequate capital and earning prospects.