Australian infrastructure specialist Babcock & Brown will shut down its India operations, the Economic Times of India reported, citing an unnamed source.
The report also cited Manikkan Sangameswaran, an India-based managing director at Babcock, as saying that he has not received any formal communication regarding the matter.
Babcock opened its India office in April 2008 and had 13 people in offices in Mumbai and New Delhi, including eight executives it hired from ABN Amro India last year, the report said. That team was supposed to identify and make infrastructure investments from its $400 million global infrastructure fund dedicated to emerging markets such as India and China.
Earlier this month, the firm reached an agreement with a syndicate of 25 banks to sell its assets over a two to three year horizon to begin to pay down the A$3.2 billion (€1.7 billion; €2.1 billion) of debt it owes them on a 'pay if you can' basis.
Babcock did not return repeated calls for comment. Babcock's head of Asia, Nicholas O'Day, also declined to comment.