There are a host of other companies queuing up to launch stressed asset funds and asset reconstruction companies, Mint reported on 9 May. The bank already has 13.26% stake in Asset Reconstruction Company of India Ltd (Arcil), the country’s oldest ARC. This is not the first stressed asset venture for ICICI Bank. ICICI Bank Ltd, India’s largest private sector bank signed a memorandum of understanding (MoU) with Apollo India Credit Opportunity Management Llc and AION Capital Management Ltd on Monday to launch an asset reconstruction company (ARC), expanding its presence in the distressed assets segment in India. “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,” ICICI Bank said in a statement.

Source: Mint August 01, 2016 12:56 UTC