India's floundering bank debt-for-equity deals a warning for China
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Mumbai
INDIAN lenders are struggling to find new owners for unprofitable steel and infrastructure companies they took over under a debt-for-equity swap, a warning sign for China, which is launching a similar scheme.
Indian banks have either taken over or are in the process of seizing majority control in 18 firms with a combined debt of about US$15 billion, under a central bank plan that allows them to swop the companies' debt for equity and freeze non-performing loans, brokerage Religare Capital Markets estimates.
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