Photo: ReutersMumbai: BlackRock Inc., the world’s largest asset manager with $6.3 trillion in assets, is set to enter the distressed debt space in India, two people aware of the development said. According to Reserve Bank of India (RBI) data, India had close to Rs8.41 trillion in NPAs as on 31 December. The India managing director will be responsible for developing the strategy for distressed and NPA opportunities in India as well as for sourcing, assessing, executing and monitoring distressed and NPA investment opportunities in India for BlackRock’s Asian and global private credit platform. Responding to a query from Mint, a BlackRock spokesperson said, “The search for local talent is to expand our Asian and global credit capabilities. BlackRock is already present in India as DSP BlackRock Mutual fund, a joint venture with DSP Group, in which it owns 40% stake.

Source: Mint April 22, 2018 20:37 UTC