1. ICICI Bank ties up with Apollo, AION Cap for setting up ARC

ICICI Bank ties up with Apollo, AION Cap for setting up ARC

ICICI Bank on Monday said it has signed a memorandum of understanding (MoU) with Apollo India Credit Opportunity Management and AION Capital Management to set up an asset reconstruction company (ARC).

By: | Mumbai | Published: August 2, 2016 6:20 AM

ICICI Bank on Monday said it has signed a memorandum of understanding (MoU) with Apollo India Credit Opportunity Management and AION Capital Management to set up an asset reconstruction company (ARC).

“The MoU envisages the establishment of an asset reconstruction company, subject to regulatory approvals, and acquisition of debt exposures from lenders as well as equity stakes in companies. The objective of the collaboration will be to streamline the operations of borrowers, facilitate de-leveraging and arrange additional funding on a case-by-case basis,” the bank said.

There are currently 15 registered ARCs in the country, with the assets of the top three players — Arcil, JM Financial and Edelweiss — accounting for more than two-thirds  of total assets of such companies.

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