The offer is the first from NARCL to banks in more than four months and the first since changes in the top management of the bad bank. Former SBI managing director Diwakar Gupta took over as NARCL chairman in early December, months after Karnam Sekar quit in August amid differences over the functioning of the institution.
The government-backed bad loan aggregator, National Asset Reconstruction Co (NARCL), has made a ₹270 crore offer for Pink City Expressway Private Limited (PCEPL), the company which was formed to build, operate and maintain the six-lane Gurugram-Kotputli-Jaipur section of the Delhi-Jaipur highway. PCEPL has ₹1,761 crore of outstanding loans and another ₹30 crore of bank guarantees. The bad bank acquires loans by paying 15% of the amount in cash and the rest in security receipts (SRs), which are to be matched with recovery over time.
Narayan Seshadri, former KPMG managing partner, is set to become the chairman of India Debt Resolution Co Ltd (IDRCL), the government-backed bad bank s agent, following approval from the company s board. Seshadri, a financial sector veteran with expertise in reviving distressed companies, will take over immediately.
The NARCL has been successful in the acquisition of just six companies since its inception in January 2022 to house banking-sector advances that had converted into bad loans, , NARCL, IDRCL, Bad Banks