Gangwal said that the firm has received approval from the Securities and Exchange Board of India to set up an alternative investment fund under Brescon Advisors Pvt. Ltd and that it has started the process of raising money for the new vehicle. “We are talking with investors and private equity players to raise $200 million within six months,” he said.
Brescon is one of India’s well-known independent special situation advisers. Registered as Brescon & Allied Partners LLP, the firm offers advisory services for mergers and acquisitions, spinoffs, bankruptcy, business turnaround and restructuring.