Kotak Investment Advisors Ltd., which manages $1 billion in real estate assets, plans to raise $200 million for a private equity fund that will invest in residential properties in India’s biggest cities.
Billionaire Uday Kotak, the controlling shareholder of the Indian bank with the highest lending margins, said rising bad loans will pose challenges this year to lenders in Asia’s third-largest economy.
HSBC Holdings Plc and Deutsche Bank AG are among four banks that may be replaced as arrangers for Steel Authority of India Ltd. ’s share sale after they agreed to work for a rival, Steel Minister Virbhadra Singh said.
Yes Bank Ltd., the best-performing Indian bank stock last year, has lost almost half its market value in less than a month on investors’ concern that a record surge in interest rates will erode profits and boost defaults.
Bad loans at Indian banks are headed for a decade high as the slowest economic growth since 2003 and Asia’s highest interest rates strain corporate finances, according to the nation’s largest debt reconstruction company.