[caption id="attachment_12655" align="alignnone" width="293"] File Photo[/caption]
In the last nearly one year, four new Asset Reconstruction Companies (ARCs) have set up shop. At the same time, existing players are considering proposals to boost their capability to help cleanse the banking system. Two years back, the situation was exactly the reverse and then existing ARCs were not in a position to take more NPAs from banks.
As of March-end 2017, the banking system recorded under Rs12-lakh crore worth of stressed assets (gross non-performing loans plus restructured advances), providing unprecedented opportunities for ARCs.
According to latest Reserve Bank of India data, 19 ARCs were registered with it as on August 31, 2016, while the Association of ARCs in India's membership currently stands at 22. Three new members - Ambit Flowers Asset Reconstruction Pvt Ltd, Raytheon Asset Reconstruction Pvt Ltd, and Suraksha ARC - have joined the Association in the last one year.
A couple of months ago, Indiabulls Ventures announced that its wholly-owned subsidiary Indiabulls ARC has been granted the Certificate of Registration by the RBI. This takes the total number of ARCs in the country to 23.
Ambit Flowers ARC is a joint venture between Ambit Holdings and US-based private investment firm JC Flowers.
Suraksha ARC is sponsored by Sudhir Valia, Executive Director, Sun Pharmaceutical Industries, and Vijay Parekh, a first generation entrepreneur with 20 plus years experience in real estate.
Raytheon ARC has been floated by Anil Bhandari, who has 23 years experience, including 13 years in banking, with exposure to legal/ recovery including restructuring/ one-time settlement/ Board for Industrial and Financial Reconstruction, etc.
More ARCs crop up to ease NPA problems
By IndianMandarins - 2017-08-17 11:00:10
[caption id="attachment_12655" align="alignnone" width="293"] File Photo[/caption]
In the last nearly one year, four new Asset Reconstruction Companies (ARCs) have set up shop. At the same time, existing players are considering proposals to boost their capability to help cleanse the banking system. Two years back, the situation was exactly the reverse and then existing ARCs were not in a position to take more NPAs from banks.
As of March-end 2017, the banking system recorded under Rs12-lakh crore worth of stressed assets (gross non-performing loans plus restructured advances), providing unprecedented opportunities for ARCs.
According to latest Reserve Bank of India data, 19 ARCs were registered with it as on August 31, 2016, while the Association of ARCs in India's membership currently stands at 22. Three new members - Ambit Flowers Asset Reconstruction Pvt Ltd, Raytheon Asset Reconstruction Pvt Ltd, and Suraksha ARC - have joined the Association in the last one year.
A couple of months ago, Indiabulls Ventures announced that its wholly-owned subsidiary Indiabulls ARC has been granted the Certificate of Registration by the RBI. This takes the total number of ARCs in the country to 23.
Ambit Flowers ARC is a joint venture between Ambit Holdings and US-based private investment firm JC Flowers.
Suraksha ARC is sponsored by Sudhir Valia, Executive Director, Sun Pharmaceutical Industries, and Vijay Parekh, a first generation entrepreneur with 20 plus years experience in real estate.
Raytheon ARC has been floated by Anil Bhandari, who has 23 years experience, including 13 years in banking, with exposure to legal/ recovery including restructuring/ one-time settlement/ Board for Industrial and Financial Reconstruction, etc.
