Billionaire Bhupendra Kumar Modi, who made his fortune from mobile-phone services in India, is planning to invest $100m in distressed assets including the island resorts on Batam and Bintan neighbouring Singapore.

Modi, chairman of Singapore-based Spice Global with interests from telecommunications to financial services, said he is in talks to buy stakes in all the resorts on the Indonesian islands and wants to transform them into entertainment hubs, flying in Bollywood stars and eventually adding casinos.

bloomberg.com