Reliance ARC to acquire NPA worth Rs 40K cr

Mumbai, July 26 | Updated: Jul 27 2006, 05:30am hrs
The Rs 100-crore Reliance Asset Reconstruction Company (RARC), set up by ADAG owned the Reliance Capital, is planning to acquire Rs 30-40,000 crore of stressed assets in 2-3 years. Reliance Cap will control 49% in the Asset Reconstruction Company.

The company which has already three PSU partners General Insurance Corporation, Corporation Bank, Indian Bank who will each holding 15 % is looking for a fourth on from private sector for a 6% stake. The new ARC is also open to the idea of having a foreign partner. The company after putting all its shareholders in place will apply for licence.

ARC has appointed Rajendra Kakker, former MD of Arcil, as president of the company.