Ares SSG has completed the acquisition of all underlying assets of Altico Capital India Ltd., a non-banking financial company, the Ares Management Corp. subsidiary said in a news release.
Ares SSG bought all the outstanding loans and investments from Altico through its funds, in partnership with asset reconstruction company Assets Care and Reconstruction Enterprise Ltd., for a consideration of about $380 million.
Altico used to provide loans and financing to India's real estate sector before experiencing financial difficulties in 2019.
"Our acquisition of Altico reflects Ares SSG's strong commitment to supporting widespread efforts by policymakers, investors and industry to alleviate the impact of non-performing assets on India's banking and financial services sector," said Shyam Maheshwari, partner of Ares SSG, in the release. "This investment also highlights our confidence in the prospects for India and the steps being taken to spur growth that has over the past year been held back by the global pandemic."
Ares SSG had $7 billion in assets as of Dec. 31.
