Trilegal has advised U.S. based alternative assets manager Värde Partners on its joint venture with Indian financial services firm Aditya Birla Capital (ABCL), which aims to invest in distressed assets in India. ABCL was advised by AZB & Partners. 

The JV comes at a time when India is reported to have some $210 billion in distressed assets. This space has experienced an uptick in deal activity since India’s new Bankruptcy Code came into existence in 2016.

This code consolidates all the existing laws related to insolvency in India and simplifies the process by creating a single law for insolvency and bankruptcy. India’s pile of stressed assets and distressed borrowers has attracted global funds from firms like Värde Partners and JC Flowers & Co.

The Trilegal team was led by partner Yogesh Singh, while the AZB & Partners team had partners Ashwath Rau and Kashish Bhatia take the lead.

To contact the editorial team, please email ALBEditor@thomsonreuters.com.