Edelweiss appoints advisory board to deal with revival of distressed assets

Former PSU and private sector CEOs on board

Salil Panchal
Published: Mar 22, 2017 06:05:06 PM IST
Updated: Mar 23, 2017 04:19:06 PM IST

Life is not a template and neither is mine. Like several who have worked as journalists, I am a generalist in my over two decade experience across print, global news wires and dotcom firms. But there has been one underlying theme in each phase; life gave me the chance to observe and tell a story -- from early days tracking a securities scam to terror attacks and some of India's most significant court trials. Besides writing, I have jumped fences to become an entrepreneur, as an investment advisor -- and also taught the finer aspects of business journalism to young minds. At Forbes India, I also keep an eye on some of its proprietary specials like the Rich list, GenNext and Celebrity lists. An alumnus of Xavier Institute of Communications and H.R College of Commerce and Economics in Mumbai, I have worked for organisations such as Agence France-Presse, Business Standard, The Financial Express and The Times of India prior to this.

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.

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