India’s biggest private lender ICICI Bank Ltd and private equity firm Apollo Global Management LLC said on Monday they would set up an asset reconstruction company in India to buy into troubled loans held by banks.

AION Capital Management, a joint venture between units of the two financial firms, will be a third partner in the new entity, which has yet to obtain regulatory approvals, the companies said in a joint statement.

No monetary values were disclosed, and the new asset reconstruction company will also look at buying equity stakes in companies.

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