"Mr. Sudhamoy Khasnobis, Managing Director & CEO of Arcil stated "the OCM acquisition is the first 100% buyout of a major Indian enterprise by a global turnaround fund."
The acquisition was developed by WL Ross' $300 million India Asset Recovery Fund L.P., with co-investment from WLR Recovery Fund III LP and the Housing Development Finance Corporation Ltd, WL Ross' partner in India.
Mr. Deepak Parekh, Chairman of HDFC said, "Our relationship with WL Ross provides a unique solution to Indian entrepreneurs and financial institutions that consider trust and turnaround expertise as cornerstones of any transaction."
Mr. Ranjeet Nabha, Managing Director and CEO of WL Ross' India initiatives said, "We are proud to be the first foreign fund selected by ARCIL to rehabilitate a portfolio company, and we hope to apply our basic industry skills to other special situations in India."
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