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Billionaire Ajay Piramal To Take Charge At DHFL

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Billionaire Ajay Piramal To Take Charge At DHFL

Billionaire Ajay Piramal’s conglomerate won the bidding for Dewan Housing Finance Corp., the bankrupt shadow-lender of the Indian bankruptcy scheme, advancing a closely controlled insolvency.

The conglomerate Billionaire Ajay Piramal won bids for the bankrupt Indian shadow lender Dewan Housing Finance Corp., encouraging a closely watched insolvency, which was a test of the bankruptcy mechanism in the region.

Billionaire Ajay Piramal To Take Charge At DHFL

A resolution plan for Dewan was adopted by Dewan’s creditors’ committee in a vote on Friday in a statement released Sunday for Piramal Enterprises Ltd’s own shadow bank Piramal Capital & Housing Finance Ltd. People who know this have said on Friday that Piramal received nearly 94% of the votes, while Oaktree’s rival Capital received less than half.

For Piramal, it would help the conglomerate double its real estate-oriented shadow banking sector, taking over rival Dewan. The progress also resolves a crucial case in India’s insolvency system, where high-profile cases have lasted for years. Dewan was forced through an insolvency procedure after it was surprised in late 2019 by the central bank.

The Dewan story, once the largest shadow lender in India, also captivated global money managers. More than two dozen companies like Goldman Sachs and Morgan Stanley showed initial offers until the number of possible bidders decreased.

The bidding contest showed interest in the soiled national bank loans, which at the end of September were at about 7.7 trillion rupees ($105 billion) in the most recent results. A new generation of investors has chosen to make money from India’s increasing number of capital-hung businesses that are struggling to remain afloat in the pandemic.

Shadow lenders such as Dewan are important to India’s economy, lending to small traders as well as tycoons. The non-bank finance industry collapsed in 2018 when IL&FS Group financial institutions abruptly collapsed and the pandemic increased. Policymakers helped to channel liquidity to the sector last year.

Billionaire Ajay Piramal To Take Charge At DHFL

Rajat Singh
Rajat Singhhttps://bioinformaticsindia.com
Rajat Singh is the Editor-in-chief at Bioinformatics India, he is a Master's in Bioinformatics and validates all the data present on this website. Independent of his academic qualifications he is a marketing geek and loves to explore trends in SEO, Keyword research, Web design & UI/UX improvement.

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