mumbai billionaire ajay piramalled piramal enterprises and bostons bain capital credit are forming a joint venture to invest in stressed assets joining the growing list of highprofile fund managers that have been lured by the prospects of acquiring nonperforming portfolios at deep discounts in india with the economy expected to grow by 78 in 201617the two companies without giving out details on the ownership structure of the venture in a joint statement said that they see a 1billion investing opportunity in the stressed assets spacethe joint venture to be managed by piramals shantanu nalavadi will look at nonperforming assets across sectors except real estate the platforms preference will be to invest in businesses that require restructuring and have fundamentally strong growth prospects linked to the countrys infrastructure and consumption needs the joint statement saidpiramals partnership with bain capital credit follows after it called off a similar deal with brescon corporate advisors brescon owned by nirmal gangwal has separate plans in the stressed assets space toi reported about piramal changing its partner for stressed asset business on june 30 funds have been flocking to the stressed assets space after the government early this year eased rules for them following a surge in bad loans last month canadas brookfield asset management and state bank of india sbi joined hands to invest in stressed assets brookfield would put 1 billion in the venture while sbi would contribute 5 of the total investment the pair had said jc flowers canada pension plan and tpg too have stated their interests in the countrys restructuring situation opportunities stressed assets which include bad debt restructured loans and writtenoff assets rose to 115 of total loans as of march 31 showed data from the rbithe collaboration with bain capital credit is piramals latest alliance in the financial services space after tieups with canada pension plan and netherlands apg piramals financial services unit manages assets worth 33 billion bain capital credit founded as sankaty advisors in 1998 is the credit investment arm of bain capital the company said its chief investment officer jonathan lavine has been steadily building up its presence in asia