Edelweiss ARC buys Essar Steel loans from Axis Bank

Edelweiss Asset Reconstruction Company has acquired loans worth Rs 1,000 crore extended by Axis Bank to Essar Steel as part of aggregating credit exposure to the ailing steel company. Senior ARC industry executive said four private banks, including ICICI Bank, Federal Bank, had sold part of their exposure to Essar group entities to a Edelweiss group entity.