- **Authum Investment & Infrastructure Ltd. is fundamentally a house of proprietary capital that hunts for value where others see distress - it buys into companies, loans and whole businesses at deep discounts, then uses the gains from those bets to build permanent, cash-generating platforms.** - It began as a concentrated public-markets investment firm, was acquired by Alpana Sanjay Dangi in FY2020, and has since evolved through a deliberate sequence: first multiplying its net worth through equity investing, then acquiring two large distressed NBFCs to lay the pipes for a credit business, and now operating as a unified institution that recycles investment profits into lending, asset reconstruction and special-situations turnarounds. The recurring approach that explains everything else is a “margin of safety” discipline - buying assets only when the price is so low that even a worst-case scenario leaves the investment protected - and a willingness to cash out of winners early to feed the next engine. # Business segments Three engines at different stages - a public-markets investment book that generates the surplus, a fast-scaling credit and alternative-assets platform built with that surplus, and a growing portfolio of distressed real-estate and corporate turnarounds acquired through the insolvency process - each feeding the next in a loop. ## 1. Proprietary equity investing: the surplus engine that funds everything else **A concentrated, deep-value public-markets portfolio - roughly three-fifths of the company’s total book - whose realised gains are deliberately harvested to capitalise the credit and resolution businesses.** - **Concentrated bets on large, cheap companies** - the investment book is typically concentrated in 10 to 15 listed companies at any time, almost entirely in large and mid-cap names where liquidity and governance quality are higher, and the largest single position is kept to about a tenth of the total portfolio. - **Five questions screen every idea** - before investing, the team asks whether a structural national shift will flood cash into a sector, whether the target will capture a disproportionate share, whether management has survived downturns, whether governance meets modern standards, and whether the stock is cheap enough that even a black-swan event leaves value intact. - **Unlisted and strategic stakes add optionality** - about a fifth of the investment book sits in unlisted equities, mutual funds and alternative investment funds, including positions in a renewable-energy platform, an electric-commercial-vehicle manufacturer, India’s largest stock exchange and a defence small-arms maker, giving the company exposure to emerging industries without the daily mark-to-market of public markets. - **Profits are deliberately taken off the table** - the stated strategy is to sell equity winners as soon as a large part of their potential is priced in, then redeploy the realised gains as growth capital for the credit business, a discipline the company believes few Indian capital-market firms share. ## 2. Credit and alternative assets: the platform built with investment gains **A fully integrated lending, asset-reconstruction and loan-servicing operation that was acquired through the distressed purchase of two NBFCs and has since been scaled organically to over ₹3,500 crore of fresh annual disbursements.** - **Bought, not built from scratch** - the platform was created by acquiring Reliance Commercial Finance and the business assets of Reliance Home Finance in Fiscal 2023, resolving over ₹20,000 crore of lender debt outside IBC with court and RBI approval, which delivered a ready-made branch network, product suite and collections apparatus. - **Fresh lending is now the main act** - the acquired legacy portfolio has been run down from over ₹1,000 crore to roughly ₹275 crore, while fresh credit deployment grew from ₹91 crore in March 2023 to ₹3,580 crore by March 2026, spanning secured products (mortgages, vehicle loans, gold loans), unsecured personal and business loans, and wholesale structured finance. - **An in-house ARC buys stressed loans at a discount** - the company completed acquisition of an 88% stake in India SME ARC (ISARC) in mid-2025, deployed roughly ₹350 crore of cash in nine months, and built an AUM of about ₹700 crore by March 2026, focusing on acquiring non-performing loans from banks and resolving them through rehabilitation rather than liquidation. - **Third-party servicing turns a cost centre into a revenue stream** - the collections infrastructure inherited from the NBFC acquisitions - 25 branches, 150-plus field agencies, a call centre handling 100,000 calls a month - now services over ₹2,000 crore of third-party loan AUM for other ARCs and NBFCs, generating fee income in its first year. - **Debt returns can come with equity upside** - the company structures lending positions so that contractual debt returns are augmented by an equity kicker tied to a business turnaround or liquidity event, a model it says draws on its years of corporate underwriting as an equity investor. ## 3. Real estate and infrastructure resolution: buying whole assets through the insolvency process **A series of control acquisitions of distressed real-estate and infrastructure companies - IT parks, redevelopment projects, wind-energy assets - won through the formal corporate insolvency resolution process.** - **IT park in Kerala won via resolution plan** - Authum was selected as the successful resolution applicant for Carnival Techno Park, which owns two buildings with 4.81 lakh square feet of leasable area in Thiruvananthapuram, for a total plan value of roughly ₹115 crore. - **Mumbai redevelopment projects added** - it won Vas Infrastructure, a listed company that redevelops old buildings in Mumbai’s suburbs, for about ₹86 crore, and separately emerged as the successful bidder for A A Estates, which holds development rights in multiple Mumbai projects, for ₹36 crore. - **Wind-energy assets carved out in a consortium** - as part of a consortium with Inox Neo Energies, Authum committed approximately ₹350 crore to acquire identified real estate and other assets from Wind World (India), a company with roughly 550 MW of installed IPP capacity and a 4.5 GW O&M portfolio, while the consortium partner took the operating energy businesses. # Group structure and partners **The listed parent sits atop a growing constellation of operating subsidiaries and associate stakes, with promoter ownership at roughly 69% and an external credit rating of A (stable).** - The parent entity, Authum Investment & Infrastructure Ltd., is listed on the BSE and NSE, runs 25-plus branches with over 450 people, and is 68.81% held by the promoter group as of March 2026. - Wholly owned subsidiaries include the former NBFC shell (Open Elite Developers, whose lending business was demerged into the parent), a newly incorporated asset management company, the sports-franchise vehicle Billion Dream Sports (99.99% held, with in-principle approval to sell 20% to the HRX group), and a real-estate subsidiary incorporated in mid-2026. - The asset reconstruction company ISARC is an 88.37%-held subsidiary, with the remaining shares held by public-sector banks including Bank of Baroda, UCO Bank, Indian Bank and Canara Bank; Authum is its sole sponsor. - Associate stakes include 43.66% of Prataap Snacks (savoury and sweet snacks, over 150 SKUs and 15 factories), roughly 47% of tile-maker NITCO, 21% of consumer-electronics firm MIRC Electronics, and 35% of diagnostics company Rivaara Labs.