B.R. Shetty calls in help to restructure debts
B.R. Shetty calls in help to restructure debts
Indian billionaire B.R. Shetty calls in consultant to help with his business ventures
BRS Ventures had extensive interests, including in pharma, but is facing funding issues
Dubai: Dr. B.R. Shetty, the Indian billionaire and founder of NMC Healthcare and UAE Exchange, is calling in outside help to restructure all of his liabilities and restructure his investment company.
The consultancy Duff & Phelps will come up with solutions for BRS Ventures, which has been the vehicle for multiple investments made by Shetty, including in pharmaceuticals.
"As with NMC and UAE Exchange, BRS Ventures also reportedly owes banks, local and international, significant amounts. Sources close to the family, however, suggest that there are currently no plans for disposals, and that the focus is on supporting the businesses while restructuring debts.
BRS is also the majority shareholder in Neopharma, a venture that too was caught up in the year-long financial scandal that rocked Shetty’s empire.
The Duff & Phelps team will be headed by Richard Clarke, whose task will be to quantify the liabilities and negotiate with creditors to come up with a mutually agreeable solution.
All-round makeover
“Duff & Phelps will support their efforts in dealing with financial liabilities related to their family group interests, including but not restricted to indirect exposures to NMC and Finablr debts,” said a statement issued by Shetty’s office.
It was last month that Shetty tried to fly back to the UAE from India, but was stopped at the Bengaluru airport on directives issued by an Indian court. The businessman has since filed an appeal to overturn the travel ban. But Indian banks to which he owes money have been taking a tough stance of late, and may not relent to overturning the travel restrictions.
In another week, Shetty will mark the first anniversary of the Muddy Waters’ report that talked about mismanagement at NMC Healthcare, and which led to the unravelling of billions of dollars being diverted. It brought down CEOs, top executives and even shareholders. Much the same happened at the Finablr, the holding company for UAE Exchange.
Comments on this Article | |
Jossey Saldanha, Mumbai | Wed, December-9-2020, 9:33 |
Firstmake a list of your Assets then you your Liabilities. If your Liabilities exceed your Assets then disappear to Europe ... Agree[0]
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