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Business

Brookfield did strong due diligence before investing in Indostar, says CEO R Sridhar

Updated : May 28, 2020 04:52 PM IST

R Sridhar, Executive Vice-Chairman and CEO of Indostar Capital Finance shares his views on the deal and outlook.

Non banking financial company Indostar Capital has raised Rs 1,225 crore from Brookfield Business Partners. R Sridhar, Executive Vice-Chairman and CEO of Indostar Capital Finance spoke to CNBC-TV18 and shared his views and outlook on the company.

Here's what he had to say:

“This [the process] started in August last year when a few large private equities were speaking to us and it culminated into a transaction in January. We announced the deal on January 31 and subsequently sough regulatory approval which came last month, and we gave a 30-day statutory notice and completed the transaction yesterday (May 27),” Sridhar shared.

“Brookfield is the second largest PE in the world and they have been operating in India for a few years and have made an investment of about $18 billion in India, but this is the first investment in their PE business. Brookfield did a stringent and long due diligence, so this is a strong endorsement of our business model,” he added.

“There are large banks which have come forward to offer us debt, so I am very hopeful that in the coming days we will be strengthening our debt and we are also focusing on reducing the operating expenses in the next six to nine months when there is uncertainty on growth,” the Indostar Capital CEO said.

“We have offered moratorium to all our customers and around 75 percent of the customers have availed moratorium,” he noted.

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