Leading experts discuss investment opportunities in India

NEW YORK: India-America Chamber of Commerce brought together an exceptional panel of leading experts to share an in-depth analysis on "Opportunities and Challenges of Distressed Debt Investing in India" recently.

The members of the Chamber and an exciting line-up of distressed debt investors gathered on July 23 in New York City and presented major evaluations on distressed debt investing in India, keeping the global economic meltdown in mind. This event helped the audience understand the challenges and options when investing in distressed debt in India. 

In his opening remarks, Rajiv Khanna, President of the Chamber pointed out that distressed debt investing has generally been far more lucrative in India than in other parts of the world.

Among the business leaders, government officials and media members who shared their views as panelists were Consul General Amb. Prabhu Dayal, Narendra Prasad, Chief Executive, Bank of India, U.S.A; Afsar Farman-Farmaian, Managing Director , AIG Investments, Capital Recovery Group; and ?Mukul Pandya, Editor and Director, Knowledge@Wharton.

Amb. Dayal applauded the work of the Chamber and expressed his readiness to convey to his government the constructive suggestions that came out of the panel discussion, but since the new government in India has not yet come up with a policy statement on distressed debt investing, he refrained from comments.

Khanna explained the truly revolutionary nature of the SARFAESI Act which allows banks and financial institutions to seize their collateral in an expeditious manner and the provisions relating to asset reconstruction companies. Narendra Prasad gave a very practical perspective of the nuts and bolts of distressed debt in India which he acquired through his vast experience over many years in recovering distressed debt in India.
Afsar Farman-Farmaian pointed out some of the challenges that existed under the SARFAESI Act for investors once they were treated as sponsors on acquiring 10% of an asset reconstruction company.

The panel and the audience applauded the positive growth of the distressed debt industry in India, the government's practical and constructive approach to the same which has reduced the non-performing loans of Indian banks from 20% to low single digits and expressed hope that the government will further liberalize the distressed debt sector to get rid of the few remaining impediments to increased foreign investment in the sector.  Mukul Pandya moderated the panel.

India Post News Service