As part of its expansion drive in the high-potential Indian financial services market, Barclays Bank is planning to pick up 10% stake in asset reconstruction company, Arcil, from ICICI Bank.Raju Shukla, managing director (investment banking) of Barclays Bank, said: "We intend to expand our operations in India where we are already a leading player in debt raising for Indian corporates as well as in risk management. The Arcil move is a part of our entry strategy into the Indian market."Barclays is a leading player in the Asian asset reconstruction market space, and "our foray into India is an extension of our expertise in the country," Shukla said.The stake pick-up in Arcil, is, however, subject to regulatory approvals and "our Indian office is presently pursuing this," he said, adding that it would not be possible to disclose the valuation of the deal at this juncture.Describing Arcil as the most active company in the distressed markets space in India, Shukla said acquisition of a stake in the company will enable Barclays to better understand the dynamics of the Indian market.Barclays has raised over $2 billion in the last two years for Indian corporates including $250 million in January for NTPC via a 10-year bond issue and $150 million for UTI Bank a few days ago.
