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KKR s India NBFC, InCred set for all-stock merger SECTIONS Share Synopsis KKR will end up owning 33-35% of the entity that will emerge from the merger of KKR India Financial Services and InCred, while InCred and its promoters will own the rest. Reuters The KKR India-InCred merger will value KKR India Financial Services (KIFS) at about Rs 6,000 crore, a fourth of its valuation in 2018 when it had plans for a public issue. KKR & Co. has agreed to an all-stock merger of its India lending unit KKR India Financial Services (KIFS) with InCred, a shadow bank promoted by former Deutsche Bank officials, ending nearly 10 months of negotiations, said people aware of the matter. ....
Kapil Singhal, former managing director and India Credit head at KKR & Co, has joined private equity firm True North as managing partner of its new credit business. Singhal quit KKR late last year. He was leading KKR s non banking finance arm KKR India Financial Services since February last year. He succeeded B V Krishnan, who quit KKR s credit arm in 2019. In his (Singhal s) partnership with True North, he will lead the efforts in establishing a best in class credit platform, True North said in a LinkedIn post. Singhal joined KKR in October 2019. He used to look after the Edelweiss Special Opportunities Fund before joining KKR India Financial Services. ....
How KKR’s credit risks came crashing down The credit unit’s then CEO Sanjay Nayar (now KKR India’s chairman) saw big potential in structured corporate loans, which tend to offer higher interest rates than traditional bank loans but come with fewer creditor protections. (Photo: Mint)Premium Anto Antony, , Bloomberg A global investment behemoth’s sprint from boom to bust is a cautionary tale about India’s shadow-lending sector. With a growing number of foreign money managers looking for opportunities to sift through the wreckage of India’s debt markets, the story behind KKR’s troubled bet illustrates what can go wrong ....
Few asset managers have enjoyed more success in the riskier corners of credit than KKR & Co. But after a decade-long attempt to wring big returns from India, the Wall Street titan has become a cautionary tale for investors in one of the world’s most tantalising emerging markets. Rocked by the shadow-banking crisis that began rippling through India’s financial system 2 1/2 years ago, KKR’s local credit unit lost Rs 1,516 crore ($207 million) in the final nine months of 2019, wiping out nearly 40 per cent of its capital. While the unit posted a small profit last year as India’s central bank pumped record amounts of cash into the Covid-battered economy, KKR is now in the process of merging the business with a competitor. ....
KKR India Financial Services names Sanjay Nayar as chairman; Gaurav Trehan to head private equity Sanjay Nayar serves as director on several of KKR s portfolio companies including Radiant LifeCare, Max Healthcare Institute, Avendus Capital, Max Financial Services, Ramky Enviro Engineers, and Sterlite Investment Managers FP Trending December 21, 2020 16:56:27 IST File image of KKR India CEO Sanjay Nayar. Moneycontrol KKR India Financial Services has on 21 December announced that CEO Sanjay Nayar will take on the mantle of chairman from 31 December, 2020. According to a release by KKR, Gaurav Trehan has joined the firm as Head of KKR’s private equity business in India. ....