Edelweiss Group strengthens 'turnaround management' platform

MUMBAI: To strengthen its ‘turnaround management’ platform for revival of stressed and distressed corporates, Edelweiss Financial Services has appointed an advisory board which includes former chairman of SAIL Sushil Roongta, T Sankaralingam, former chairman of National Thermal Power Corporation and former CEO of Reliance Infrastructure, Mahinder Singh Mehta.

Edelweiss’s Distressed Assets Resolution Business, through its asset reconstruction arm, manages about 550 portfolio companies with assets under management of nearly Rs 32,000 crores. The group has identified several large assets in diverse sectors including power, steel, infrastructure and logistics for operational turnarounds.

The turnarounds will focus be on enhancement of operating efficiencies, higher asset and capacity utilization and better working capital management with the twin objectives of improving profitability and cash flows of such companies.

They will also counsel and mentor Edelweiss’s operating teams in implementing industry specific best practices in these portfolio companies across areas including operations and process excellence, corporate governance, environmental and social responsibility, human resources and risk management.