The NARCL has concluded the acquisition of just six companies since it started operations in January 2022 to house banking-sector advances that had gone sour. Dharani Sugars and SPML Infra and Parenteral Drugs were acquired by the bad bank in this financial year, following Jaypee Infratech, SSA International and Helios Photovoltaic that were acquired last fiscal.
The bad bank, officially known as National Asset Reconstruction Company of India (NARCL), was set up a year ago to acquire the sticky loans of high-street banks. There was a proposal to merge NARCL with India Debt Resolution Company Ltd (IDRCL), which led to Sekar s resignation.
The proposal for the consolidation of the two entities was initially put forth by IDRCL, which is led by former State Bank of India Managing Director Diwakar Gupta, , bad bank, ceo, Karnam Sekar, resignation