Edelweiss appoints advisory board to deal with revival of distressed assets

Edelweiss Group has identified several large assets in diverse sectors, including power, steel, infrastructure and logistics
Image: Amit Dave / Reuters (For illustrative purposes only)

The diversified financial services Edelweiss Group has appointed a high-profile advisory board comprising industry veterans to deal specifically with the revival of stressed and distressed assets. This team comprises Steel Authority of India’s former chairman Sushil Kumar Roongta, National Thermal Power Corporation’s former chairman and managing director T Sankaralingam and Mahendra Singh Mehta, former CEO of Reliance Infrastructure and Vedanta Resources, Edelweiss Group, said in a statement. They will provide strategic industry insights and advice on their operational turnaround.

Edelweiss’s distressed assets resolution business, through its asset reconstruction arm, manages about 550 portfolio companies, with assets under management totalling nearly Rs 32,000 crore.

Indian banks are saddled with several bad loans and private equity funds have been keen to help restructure some of these assets.

Speaking about the appointment, Edelweiss’s chairman and CEO Rashesh Shah, said, "Their deep expertise, thought leadership and specialist technical advice will be invaluable for Edelweiss’s turnaround business and investment teams.”

It has built this track record in the asset reconstruction business and actively partners with banks and companies for the revival and resolution of stressed assets, which is a critical component of Edelweiss’s Remake in India initiative.

The group has identified several large assets in diverse sectors, including power, steel, infrastructure and logistics, for operational turnarounds that may entail, in specific cases, a change in management, as needed.