*ARCIL to launch $600-m asset reconstruction fund by March * **
** ** ** ** ** ** *Our Bureau * Kolkata, Jan. 17 ARCIL is preparing to launch a new $600-million asset reconstruction fund. Mr S. Khasnobis, Managing Director and CEO of ARCIL, told reporters here on Saturday that the new fund would be launched before the end of this fiscal. Mr Khanobis, who was here to attend 4th ANMI International Convention – India Securities Forum 2009, said that ARCIL would put in around 20 per cent of the "committed" corpus. A dozen other financial institutions, including overseas entities, are likely to join in. The new fund is to acquire secured stressed assets from the banks, which may be available shortly. The current economic slowdown has put a pressure on loan asset quality of the banks. Some loan portfolios, including retail ones, also need urgent rescheduling, according to bankers. ARCIL has estimated that non-performing assets worth around Rs 1,000 crore would be up for sale soon. The banks would attempt to clean their balance sheets before the financial year ends and get rid of stressed assets as far as possible. The new ARCIL fund launch would be timed to participate in the process. ARCIL has been planning to launch a fund since middle of last year. Earlier, the fund corpus target was $1 billion. Turmoil in the capital markets in the second half of 2008 saw a revision in the ARCIL plan, sources said. http://www.thehindubusinessline.com/2009/01/18/stories/2009011851170100.htm --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
