Ares Management Corp.-backed hedge fund SSG Capital Management has revised the structure of its bid for an Indian shadow lender to help sidestep delays in regulatory approval. The move by the Hong Kong-based hedge fund underscores the complexities of business in India, where deals can languish for months amid rules and regulatory approvals. […] Read Bloomberg’s latest Indian shadow bank tracker here SSG had previously sought waivers of certain central bank rules, but the Reserve Bank of India was reluctant to do so, fearing it could create precedent for a relaxation of the rules, the people said. Relaxations sought included capital adequacy and borrowers’ concentration exposure, which are applicable to shadow lenders in the country, the people said. Representatives for Altico declined to comment, while Ares and RBI didn’t immediately respond to emails seeking comment.
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