Aditya Birla Capital and Varde Partners are creating a joint venture to invest as much as $1 billion (about Rs 7,063 crore) in distressed assets in India, Bloomberg reported.

The US-based investment company and the Indian financial services provider are likely to deploy $1 billion in three years, the report said citing people familiar with the transaction.

The joint venture will look for deals of up to $100 million and is likely to be announced by this week, the report said.

Varde is likely to join overseas investors, from Blackstone Group LP to Oaktree Capital Group LLC, to help the government resolve the $210 billion stressed loans, according to the report.

First Published:Aug 30, 2018 8:10 AM IST