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State Bank of India, Brookfield Asset Management partner on Indian stressed asset JV

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State Bank of India, Brookfield Asset Management partner on Indian stressed asset JV

State Bank ofIndia and Canada's BrookfieldAsset Management Inc. signed a memorandum of understanding toestablish a joint venture to invest in stresses assets in India, Bloomberg Newsreported July 20, citing a joint statement from the companies.

Brookfield Asset Management will invest around 70 billionrupees in the joint venture, while State Bank of India will contribute up to 5%of total investment, the statement said. Other banks may participate in thejoint venture at a later stage.

Brookfield Asset Management will manage the joint venturecompany's recapitalized businesses.

Stressed assets, which include bad debt and restructuredloans, made up 11.5% of total loans in India as of March 31, according toReserve Bank of India data.

As of July 20, US$1was equivalent to 67.16 Indian rupees.