KKR gets RBI nod to start India’s first foreign-owned ARC

US buyout giant KKR & Company has become the first foreign investor to fully own an asset reconstruction company in India as it has received approval from the Reserve Bank of India. KKR plans to deploy a major chunk from its Asia fund for buying troubled assets in the country. It plans to set up a separately managed company for stressed assets and bring in expertise to revive them.

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