JPMorgan sees assets in India
(7 February 2007 – India) JPMorgan is set to take advantage of India’s rapidly growing economy by establishing an asset reconstruction company in that country.
JPMorgan Asian Special Situations Group managing director Sanjai Vohra said the bank was in the early stages of discussions with several players for an asset reconstruction company.
He said India’s economy, which is growing at almost nine percent a year, had a good legal and regulatory framework to allow JPMorgan to help turn around financially weak businesses.
JPMorgan follows UK bank Barclays which bought a stake in India’s Asset Reconstruction last year. Barclays estimated there were roughly US$57 billion of distressed assets in India.
He said India’s economy, which is growing at almost nine percent a year, had a good legal and regulatory framework to allow JPMorgan to help turn around financially weak businesses.
JPMorgan follows UK bank Barclays which bought a stake in India’s Asset Reconstruction last year. Barclays estimated there were roughly US$57 billion of distressed assets in India.
Subscribe