Aditya Birla Sun Life Mutual Fund risks losing part of Rs 792 crore that it is invested in Essel companies, as the group leading of Subhash Chandra group was failed to sell the four projects of the road which secured the borrowings which despite nearly a year. Aditya Birla Sun Life said that fund India’s largest asset managers have already ‘side pocketed’ its assets under three schemes management. A side pocket lets a fund separate bad assets from other liquid investment in a debt portfolio, which could get impacted by the credit profile of underlying instruments. The funds in question are ACSL Medium Term Fund, ABSL Credit Risk Fund and ABSL Dynamic Bond Fund.
Essel Infra projects had put up six road assets for sale, in January which include the four cited mention above. In India, there has been no buyer for the assets which despite the presence of road sector investors such as Canadian Pension Caisse de depot et placement du Quebec (CDPQ) and a joint venture between National Investment and Infrastructure Fund.
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