Connect with us

Hi, what are you looking for?

News

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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Trending

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.