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BREAKING NEWS

Time is right to bet big on India, says Blackstone's Schwarzman - ET

Time is right to bet big on India, says Blackstone's Schwarzman - ET
FILE PHOTO: Stephen Schwarzman, Chairman, CEO and co-founder of Blackstone, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2017. REUTERS/Lucy Nicholson -
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Lucy Nicholson(Reuters)
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(Reuters) - A reform-oriented government, weak rupee, bumper exits and new opportunities in bankruptcy and structured capital services will likely make India favourable for aggressive purchases by Blackstone <BX.N> in 2019, its Chairman Stephen Schwarzman told the Economic Times in an interview https://bit.ly/2EkNkj9 published Friday.

The chairman of the world's largest private equity firm told the Indian daily that Blackstone could create more revenue for local companies by introducing clients.

He added that Blackstone has plenty of scope to expand in the private credit sector as Indian banks are staring at 10.2 trillion rupees (112.6 billion pounds) of bad loans – and have shrunk their wholesale lending books.

A debt crisis at a major infrastructure lender in September added to an already slowing economy, prompting the government to step up pressure on the Reserve Bank of India for boosting lending growth.

Beyond technology or other export-oriented sectors which earn in foreign currencies, Blackstone's focus is on domestic consumption – financial services and consumer companies. The distressed space will also offer more opportunities, Schwarzman told the Economic Times.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Sai Sachin Ravikumar)

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