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M. Ramesh

Chennai, Aug. 22 Having bought close to 25 per cent of the bad loans of SPIC from various banks, the Asset Reconstruction Company of India (ARCIL) is wanting to buy more.

Nine banks are to meet with ARCIL here on Thursday. SPIC owes Rs 2,845 crore to 37 lenders. Twenty two of the lenders are banks, sources told Business Line.

Earlier, ARCIL purchased Rs 294 crore of SPIC loans from IDBI. It has also bought some loan stock from ICICI Bank and Bank of India.

Meanwhile, it is learnt that SPIC’s fertiliser plant at Tuticorin has resumed operations, after remaining shut down for close to three months. Now that the company is back in operations, the next step of the bankers is to see how best to recover their term-loan dues. At the Thursday’s meeting, bankers are also expected to discuss a loan restructure proposal chalked out by Ernst & Young.

More Stories on : Non-Performing Assets | Sick Units | Fertilisers

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