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Indiabulls group gets ok to start ARC

The Reserve Bank of India has granted a license to Indiabulls Group to operate an asset reconstruction business. Indiabulls Asset Reconstructions, a wholly-owned subsidiary of Indiabulls Ventures, is the first asset reconstruction company in the country to receive regulatory approval under the new 100% ownership rule that was allowed in the recent budget. Earlier, sponsors of ARCs could hold only up to 50% in the arm. The government, aiming for greater and experienced participation, has also allowed 100% FDI in the sector. The group is entering this segment when several global players are also planning to set up units in India with the bad loans of banks reaching a record high. The other ARCs functioning in the country include Arcil, Edelweiss ARC and JM Financial ARC.

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