The prominent businessman has declined to comment on the development, a media report said.

The former chairman and managing director of Religare Enterprises, the India-based conglomerate wants to raise $500 million for his “stressed assets revival fund” that concentrates on Indian markets, looking at troubled assets sold by banks, according to the Economic Times.

Sunil Godhwani is talking to institutions such as Abraaj Capital, Axa Special Situation Fund, Oaktree, Silverpoint, Centerbridge, HarbourVest, among others, the publication said, citing unnamed sources. The publication said Godhwani declined to comment. 

The report said stressed assets and the non-performing issue creates an opportunity for the country’s special situations funds. 

The fund, the report added, will concentrate on assets of - $25 to $100 million - in size and would be taking pure equity stake post settlement with banks and creditors. After turnaround, these assets will be publicly listed in three to four years.