Avada Group: Consolidating 19 SPVs into a Single Credit Narrative

Sugin came into the Avada Group deal facing a structural problem. The client had 19 separate SPVs, and the standard approach at Axis would have been to build individual research notes for each one. Avada wanted all 19 merged into a single SPV, which meant the credit analysis had to reflect a consolidated entity that did not yet formally exist.

The risk of presenting 19 separate SPVs to the senior management committee was clear: some SPVs were performing well, others were not, and a fragmented presentation would almost certainly result in the committee cherry-picking the stronger ones and rejecting the rest, collapsing the deal.

Sugin decided to consolidate the financials first, pulling together data across all 19 SPVs and using AI tools to build a standalone consolidated financial model. The consolidated picture was stronger than any individual SPV in isolation, and it reframed the portfolio as a single group entity with a credible financial profile.

With the consolidated model in place, he built a pitch deck and a teaser for the senior management committee, presenting the merged entity as the investment case rather than a collection of individual projects. The narrative was straightforward: the consolidated financials held up, the merger rationale was sound, and the risk profile was manageable at the group level.

The senior management committee approved the deal. The client was also impressed by the framing, which had recast a structurally complex multi-SPV situation into a single, evaluable credit story.