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Bank of America Dives Deep Into India’s Bad Debt

Bank of America Dives Deep Into India’s Bad Debt More (Bloomberg) — Bank of America Corp. has bought its biggest distressed asset in India, adding to a growing trend of foreign investors diving deeper into the country’s massive pile of bad debt. A group of investors led by the U.S. bank have paid 33 billion rupees ($479 million) for soured loans of a beleaguered Indian maker of cast iron pipes, according to people familiar with the matter. The group, which includes local bad debt buyer Assets Care & Reconstruction Enterprise, bought distressed loans of Jayaswal Neco Industries Ltd., with […]

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