Deals
Bank of America Dives Deep Into India’s Bad Debt
- Buyers to pay 33 billion rupees for Indian steel maker’s loans
- Lenders take 30 percent haircut on loan sale to investor group
This article is for subscribers only.
Bank of America Corp. has bought its biggest distressed asset in India, adding to a growing trend of foreign investors diving deeper into the country’s massive pile of bad debt.
A group of investors led by the U.S. bank have paid 33 billion rupees ($479 million) for soured loans of a beleaguered Indian maker of cast iron pipes, according to people familiar with the matter.