NARCL to step up acquisitions of distressed assets in FY24

National Asset Reconstruction Co Ltd (NARCL) aims to acquire ₹30,000 crore of Srei Equipment Finance and Srei Infrastructure Finance loans this fiscal year, despite missing its target of acquiring loans worth ₹50,000 crore in FY23. In FY24, the bad bank will also acquire ₹600 crore offered to Rolta India’s secured lenders for their admitted claims of ₹7,086 crore. NARCL is a government-promoted company that acquires distressed assets and is sponsored by state-owned banks. Its acquisitions were delayed due to a lack of clarity on the dual structure relationship between NARCL and India Debt Resolution Co Ltd.

from Banking/Finance-Industry-Economic Times https://ift.tt/OGL4tyZ