Arcil To Take Over Rs 5000 Cr Impaired Assets

The Asset Reconstruction Company (India) Ltd (ARCIL) will take over Rs 5,000 crore worth of impaired assets from commercial banks and financial institutions over the next 12 to 24 months.

The initial shareholders of the company, which has been registered in Mumbai, are the Industrial Development Bank of India, ICICI, SBI, HDFC, HDFC Bank, South Indian Bank, Federal Bank and IDBI Bank.

The company has a capital of Rs 10 crore with SBI, IDBI, and ICICI Bank having a stake of 24.5 per cent each in the company.

Speaking at a seminar ICICI Bank assistant general manger Kalpesh Kikani said,