Comments
The US-based Avenue Capital has acquired 27 per cent stake in Asset Reconstruction Company (India) Ltd (Arcil) for an undisclosed sum. Following the investment, Avenue Capital will get a board seat in Arcil.
The company has acquired the stake directly from existing shareholders, including GIC, Barclays, FirstRand, Karur Vysya Bank, Ashmore and IDFC Bank. At present, Arcil has about Rs 12,000 crore of assets under management (AUM).
Earlier in June, Arcil CEO and MD Vinayak Bahuguna had said that the company had firmed up plans to rope in a foreign investor and also raise Rs 1,000 crore via alternative investment fund (AIF) route in the current financial year.
Read the story:- Arcil eyeing foreign investor; aims to raise Rs 1,000 crore
Vinayak Bahuguna said: “In view of the rapidly changing environment for non performing loans (NPLs) in India led by new regulations and changes to the bankruptcy code, we at Arcil foresee greater opportunities ahead. In this context, we are taking necessary steps to access not only capital at competitive costs, but also partner with much experienced players in the global arena. Avenue Capital, with its extensive experience and global reach among investors will further fortify our growth plans to become a one of its kind full solutions asset reconstruction company in the country.”
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.