JC Flowers Steps on Gas
KM Jayarao, an ICICI Bank veteran, better known for restructuring bad loans, is getting a new role. He is tipped to join Ambit Flowers ARC which is a JV between the revival artist JC Flowers and Ambit. The organisation of former Goldman Sachs executive is stepping on the gas in India’s distressed asset market. Its joint venture has taken shape and adding Jayarao to the team would give a fillip to JC Flowers in India, which at one stage wanted to buy IFCI when the government wanted to sell a strategic stake in it.