The Hindu Business Line : Montage Capital plans Rs 1,500 cr for distressed assets

CHANDIGARH: Corporate finance and financial advisory company Montage Capital Markets said it has allocated Rs 1,500 crore for managing distressed assets in the corporate sector in 2009-10. Besides, it would also launch an institutional fund having a cor pus of Rs 1,000 crore, envisaged to invest in infrastructure as well as new industrial projects.

“We have earmarked a sum of Rs 1500 crore for managing distressed assets of corporate sector for the year 2009-10,'' Montage Capital Markets Ltd Chairman and Managing Director, Mr Rajesh Shukla told PTI.

To fund this project, about 30 per cent would be contributed by promoters and rest would be put in by pension or insurance fund, he informed. “We will be interested in having a controlling stake in those companies which have not become NPA (Non Performi ng Assets) but their financial position is weak. Our objective will be to help them to nurture and grow by providing our technical expertise and bringing financial discipline so that the project becomes viable again,'' he said. - PTI

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