By Joyce Teo

THE financial services vehicle of Indian businessman B.K. Modi is teaming up with a Singapore-based fund to invest in distressed assets in India and South-east Asia.

Dr Modi's Spice Finance and 3 Degrees Asset Management will kick in US$21 million (S$30 million) between them to start the fund off and close it once third-party commitments reach US$100 million.

The Spice 3 Degrees Special Opportunities Fund, chaired by Dr Modi, will target distressed assets, turnaround stories, recapitalisations as well as other attractive opportunities thrown up by the global financial turmoil.

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