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Business News›Industry›Banking/Finance›Finance›NARCL to step up acquisitions of
distressed assets in FY24

THE ECONOMIC TIMES DAILY NEWSPAPER IS AVAILABLE ONLINE NOW.

Read Today's Paper

NARCL TO STEP UP ACQUISITIONS OF DISTRESSED ASSETS IN FY24

SECTIONS
NARCL to step up acquisitions of distressed assets in FY24
By
Sangita Mehta

, ET BureauLast Updated: Apr 10, 2023, 07:18 AM IST
Synopsis

NATIONAL ASSET RECONSTRUCTION CO LTD (NARCL) AIMS TO ACQUIRE ₹30,000 CRORE OF
SREI EQUIPMENT FINANCE AND SREI INFRASTRUCTURE FINANCE LOANS THIS FISCAL YEAR,
DESPITE MISSING ITS TARGET OF ACQUIRING LOANS WORTH ₹50,000 CRORE IN FY23. IN
FY24, THE BAD BANK WILL ALSO ACQUIRE ₹600 CRORE OFFERED TO ROLTA INDIA’S SECURED
LENDERS FOR THEIR ADMITTED CLAIMS OF ₹7,086 CRORE. NARCL IS A
GOVERNMENT-PROMOTED COMPANY THAT ACQUIRES DISTRESSED ASSETS AND IS SPONSORED BY
STATE-OWNED BANKS. ITS ACQUISITIONS WERE DELAYED DUE TO A LACK OF CLARITY ON THE
DUAL STRUCTURE RELATIONSHIP BETWEEN NARCL AND INDIA DEBT RESOLUTION CO LTD.

Agencies
The government-promoted National Asset Reconstruction Co Ltd (NARCL) will step
up the pace on the acquisition of distressed assets this fiscal year even though
it missed a self-imposed target of buying loans worth ₹50,000 crore in FY23,
said people aware of the development.

NARCL, sponsored by state-owned banks, acquired ₹10,378 crore outstanding loans
last fiscal year from Jaypee Infratech, SSA International and Helios Photo
Voltaic Ltd, about one-fifth of the target. All three loans were acquired for a
consideration of ₹3,636 crore.

In FY24, the bad bank will most likely acquire ₹30,000 crore of Srei Equipment
Finance and Srei Infrastructure Finance loans, subject to approval by the
adjudicating authority.

While lenders have approved its ₹5,555 offer as a resolution applicant, it's
been challenged at the National Company Law Tribunal (NCLT) by promoter Hemant
Kanoria, who has made a counteroffer.

Other big-ticket acquisition plans include ₹600 crore offered to Rolta India's
secured lenders for their admitted claims of ₹7,086 crore.

The military-focused software developer was admitted to the bankruptcy court
after its management escaped insolvency thrice in the last four years.

NARCL last month offered to acquire the loans of Vidarbha Industries Power, an
Anil Ambani group company, for ₹1,150 crore, although lenders are yet to approve
the offer.

Vidarbha's lenders faced a setback last year after a landmark Supreme Court
order overturned a National Company Law Tribunal's decision to start bankruptcy
proceedings, stating that other factors leading to the default were not
considered.

Another acquisition that's lined up is the ₹619 crore debt of Dharani Sugars and
Chemicals for ₹222 crore after an uncontested Swiss auction on March 17.

Dual structure relationship
Separately, lenders will soon hold a Swiss auction to sell Rainbow Papers based
on an ₹87 crore anchor offer by NARCL for the company's loans.

State Bank of India (SBI) chairman Dinesh Khara had informed the media in early
2022 that NARCL would acquire 15 accounts with ₹50,000 crore loans during FY22.
Banks had identified 38 accounts for sale to NARCL with ₹82,845 crore debt, he
had said at that press briefing on January 28 of that year. But NARCL's
operations were delayed due to a lack of clarity on the dual structure
relationship between NARCL and India Debt Resolution Co Ltd (IDRCL), leading to
leadership issues. Due to this, NARCL extended its ₹50,000 crore target to FY23,
the people cited above said. NARCL and IDRCL now have a principal-agent
relationship.

All the offers by NARCL have a 15:85 structure - 15% of the consideration is
paid upfront and the remaining 85% is paid on the recovery of dues. The
government guarantees any shortfall in the promised recovery as announced in the
budget for FY21.

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