Will discuss distressed assets fund for realty with SBI: HDFC Chairman Deepak Parekh

By: |
April 14, 2020 8:49 PM

The fund will work in a similar manner in which the public sector and private sector partnered to invest and rescue Yes Bank.

HDFC Bank, HDFC, SBI, realty sectorHDFC Bank plans to set up distressed assets fund for the real estate sector. (File Photo)

HDFC Chairman Deepak Parekh on Tuesday said he will discuss with State Bank of India for setting up of a distressed assets fund for the real estate sector.

The fund will work in a similar manner in which the public sector and private sector partnered to invest and rescue Yes Bank.

“It was a joint public-private partnership to ensure that another bank (Yes Bank) doesn’t go the IL&FS way. We had to join together and put some money.

“Similarly, we have to join and try to look for (real estate) stressed fund. I will talk to the SBI chairman and see whether we can come together to put capital and get some overseas player like International Finance Corporation (IFC) to come in and invest in that fund,” Parekh told representative of real estate developers via video conferencing organised by real estate developer associations- Naredco and Credai.

Last year in November, the government had announced to set up a Rs 25,000 crore alternative investment fund – SWAMIH Investment Fund I to provide debt financing for the completion of stalled housing projects.

The investment manager of the fund is SBICAP Ventures.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Bank fraud: 24 directors of Ghaziabad bank booked for embezzling around Rs 100 crore
2PSBs report frauds worth over Rs 19,964 crore in Apr-Jun, says RBI
3India’s top brands: HDFC Bank leads list seventh time in a row