WL Ross buys control of an Indian company

In a groundbreaking transaction, distressed debt player WL Ross & Co acquires a controlling interest in OCM India.

WL Ross Co has acquired a controlling interest in OCM India for $37 million following a lengthy negotiation process.

India is no stranger to distressed debt investments. Players such as Citigroup and ADM Capital have been involved in several transactions in recent months. But the WL Ross deal marks the first time that a distressed debt player has acquired management control of an Indian company.

OCM India has a plant in PunjabÆs Amritsar with a capacity to produce around nine...

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