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India's leading distressed-to-control investment platform
India Resurgence Fund 2 (IndiaRF) (IN/AIF2/23-24/1376) is a SEBI-registered Category II AIF — specifically Scheme 2 of IndiaRF (per LEI: 'India Resurgence Fund - Scheme 2'). IndiaRF is a 50:50 joint venture between Piramal Enterprises Limited and Bain Capital's Special Situations team (formerly Bain Capital Credit), managed by India Resurgence Asset Management Business Private Limited (IRAMBPL). Founded in 2016, IndiaRF is India's leading distressed-to-control investment platform, deploying flexible capital through bespoke structures for companies requiring balance sheet restructuring and operational turnaround. The platform has fully committed USD 629 million from Fund 1 (raised from international institutional investors: CPPIB USD 225M, IFC, and others, with Piramal and Bain Capital each committing an initial USD 100M). Fund 2 is currently being raised targeting USD 1 billion. The team has 33 members including 10 partners. IndiaRF is registered at Piramal Tower, 7th Floor, Peninsula Corporate Park, Lower Parel, Mumbai – 400013.
IndiaRF pursues distressed-to-control investments in Indian companies across diverse sectors — industrials, infrastructure, consumer, manufacturing, and specialty chemicals — through the purchase of existing debt/equity securities or newly issued securities via bankruptcy courts (IBC proceedings) or direct lender negotiations. The platform takes control over turnarounds through recapitalisation and operational improvements, partnering selectively with credible strategic players. The investment framework leverages Bain Capital's global expertise in investments across the capital structure and Piramal's deep Indian market knowledge and promoter diligence capabilities. IndiaRF targets businesses with fundamentally strong growth prospects linked to India's infrastructure and consumption needs.
Shantanu Nalavadi
Managing Director, India Resurgence Asset Management Business Private Limited
Shantanu Nalavadi is the MD of IndiaRF, overseeing resolution-focused investing in distressed assets from India's large NPL pool, targeting sectors such as industrials, infrastructure, and manufacturing. A Chartered Accountant with 20+ years in financial services, he was previously Co-Head of the Structured Investment Group at Piramal Enterprises (USD 350M+ AUM). He spearheads the on-ground team for deal execution, turnarounds, sponsor engagement, and operational improvements.
Ajay Piramal
Chairman, Piramal Group (Co-Sponsor)
Ajay Piramal is the Chairman of Piramal Group, the co-sponsor of IndiaRF at 50% alongside Bain Capital. He built the Piramal Group from a textile conglomerate into a global pharma and financial services powerhouse. He articulated IndiaRF's thesis: 'effective resolution would release capital for banks to fund new capital asset formation, which would in turn fuel future economic growth for the country.'
Anand Kashikar
SEBI Contact Person
Anand Kashikar is the SEBI-designated contact person for India Resurgence Fund Scheme 2, based at Piramal Tower, Lower Parel, Mumbai.
Mitesh Kothari
Vice President, India Resurgence Fund
Mitesh Kothari is a Vice President at India Resurgence Fund, contributing to deal sourcing, execution, and portfolio management.
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