India’s indigenous vulture population may have been driven to the brink of extinction over the past few decades, but a new variety has been circling the country in anticipation of rich pickings.
Over the past five years, the world’s distressed debt investors have increasingly viewed India as one of the most attractive opportunities there is. Its stock of non-performing assets has a face value of half a trillion dollars and there can be little doubt that a speedier resolution of stressed corporate and financial balance sheets would lift GDP growth and get credit moving again.
Foreign investors also have cheap capital aplenty after years of easing by...
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