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Home Debt Purchasing India ARCIL on bad loan buying spree in FY13

ARCIL on bad loan buying spree in FY13

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Asset Reconstruction Company Ltd (ARCIL), the country's largest entity in the business of buying bad loan portfolios, is planning to buy stressed assets of around Rs 2,500 crore in FY13 compared with less than Rs 100 crore assets bought in FY12.  The company is looking to grow its business manifold.
 
P Rudran, the new managing director & CEO of ARCIL, while talking about the growth plans said “We have started talking with banks for buying their stressed portfolios. Many large public sector banks have showed interest. We had a lull period last year. So far in FY13, Q1; we have not acquired anything due to annual account closing. However, we will start acquiring assets from Q2 onwards. We should at least acquire Rs 2,000 corporate portfolios while Rs 500 crore would through retail assets," 
 
Arcil currently enjoys more than 70% market share in the asset reconstruction business. It is in talks with a Mumbai-based PSU bank trying to sell 17 stressed assets worth around Rs 500 crore. It has already made an offer valuing those portfolios but response is yet to come from the bank. In FY11, it had acquired more than 1,300 crore.

 

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