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Report: KKR receives approval to set up Indian asset reconstruction company

U.S.-based KKR & Co. LP received approval from India's central bank to establish a fully owned asset reconstruction company, making it the first foreign company to do so in India, The Economic Times of India reported Dec. 29, citing "multiple sources with direct knowledge of the matter."

KKR is already in talks with banks over ways to resolve nonperforming asset matters, one source said.

The report cited KKR co-founder Henry Kravis as saying in April that the private equity company will establish a separate managed company to hold bad loans and bring in expertise to revive the assets. The company has been looking to enter India's asset reconstruction market amid mounting bad debt at the country's banks.

KKR declined to comment when contacted by the publication.