International Finance Corporation (IFC), the investing arm of the World Bank, has invested $100 million in India Resurgence Fund - a joint venture between Piramal Enterprises Limited and US-based Bain Capital. The total fund size is $300 million to be invested capital in the form of debt and equity in distressed assets and special situations in India. Piramal and Bain have invested $100 million each to invest in businesses that require balance sheet restructuring with a focus on debt restructuring in organisations with strong growth prospects linked to infrastructure and consumption needs. The fund is looking to buy assets in cement, steel and power. It is also looking to invest in hospitals, pharma, chemicals, paper, hotels and auto components. The Piramal Bain consortium had backed Dalmia Bharat to buy Binani Cement. However, Ultratech raised its bid and approached the National Companies Law Tribunal to stall the Dalmia Bharat-Bain Piramal Resurgence Fund consortium from taking over the assets. The consortium had backed JSW to bid for Bhushan Steel. Finally, Tata Steel took over Bhushan Steel by settling about Rs 35,200 crore ($4.8 billion) of the loans of the bankrupt steelmaker. Ajay Piramal, Chairman, Piramal Group, said: “We are looking at talking to people just before going to NCLT.” “After we do a couple of deals, we will go into the market and start raising more rounds of funds.”