ICICI Bank to set up ARC

Reported by: |Updated: August 2, 2016

ICICI Bank is partnering with private equity firm Apollo Global Management and Aion Capital Management to set image017up an asset reconstruction company. The bank said in a statement that it has entered into a MoU to work together for debt resolution in the country, in an effort to revitalize and turn around over-leveraged borrowers. The objective of the collaboration will be to streamline the operations of borrowers, facilitate deleveraging and arrange additional funding on a case-by-case basis, it said, adding the collaboration will bring together ICICI Bank’s experience and understanding with respect to the Indian corporate sector, and Apollo’s experience of more than two decades in private equity and alternative investments, including special situations. ICICI Bank already has a 13.26% stake in Arcil, an asset reconstruction company.