JM Financial Asset Reconstruction Company (JMFARC) is interested in retaining about 10 percent of Hotel Leelaventure, even as exclusive talks with prospective buyer Brookfield Asset Management move to an advanced stage, The Economic Times reported.
Brookfield, a Canadian private equity company, is looking to pick up a majority of JMFARC’s debt in the hotel chain, four people familiar with the developments told ET.
“The JMFARC is optimistic about the hotel chain’s turnaround with Brookfield coming on board and, therefore, would like to retain a certain part of the stake to get an upside later,” one of the persons told the paper.
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