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Kotak Mahindra, Canadian pension fund tie-up

Kotak Mahindra Group has tied up with Canadian Pension Plan Investment Board to launch a $525 million fund to invest in the stressed asset market in India. Under the terms of the agreement, the Canadian pension fund manager can invest up to $450 million in the partnership. Kotak Mahindra Group said in a statement this investment will address the growing opportunity arising from the current stress in the Indian banking and corporate sectors. The fund is intended to offer financing solutions to companies in addition to investing in stressed asset sales by banks with the aim to restructure, recover and turn around companies in distress, the statement added. Adam Vigna, MD and principal credit officer of the Canadian pension fund manager, said through this agreement, the fund will selectively invest in assets that it believes will deliver value in line with its long-term investment mandate. The fund will work closely with Kotak Mahindra Group and its affiliate, Phoenix Asset Reconstruction Company, to locate opportunities in the stressed asset market in India. Kotak Mahindra Bank currently owns 49% stake in Phoenix ARC.

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