Deals
Head of KKR India Credit Quits
- Risks of contagion rising in India’s shadow bank sector: S&P
- KKR’s India country head Sanjay Nayar replaces BV Krishnan
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The head of KKR & Co.’s lending business in India resigned on Thursday, highlighting that even global players are finding it difficult to do business in the nation’s credit markets as more companies default.
More than half of KKR India Financial Services Pvt.’s loan book of 59 billion rupees ($831 million) is in moratorium, meaning that borrowers aren’t fully complying with the original terms of the debt agreements, ratings firm Crisil Ltd. said this month, when it downgraded the financier’s long term debt to AA. KKR was one of the first global private equity firms to set up business in the nation and isn’t the only one to face the heat.