IFC, JC Flowers Launch Platform to Help Indian Financial Institutions Resolve Distressed Assets
IFC, a member of the World Bank Group, is partnering with J.C. Flowers & Co. to help financial institutions in India resolve distressed assets, an initiative that will free up capital for new lending and allow mid-sized Indian firms to preserve jobs and avoid insolvency.
Under the project, an expansion of IFC's Distressed Asset Recovery Program's (DARP) work in India, IFC will invest up to $100 million in the J.C. Flowers India Opportunities Fund if certain conditions are met, with an initial commitment of $40 million. The Fund is a partnership with Eight Capital Management, an Indian distressed assets investment firm.