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29

Modi Tackles $117 Billion of Bad Debt by Easing Rules for Buyers

By Tony Seruga

Asset reconstruction companies can have single investor now
KKR, Edelweiss, JM Financial say move to help ARCs raise funds

Facing a daunting 8 trillion rupees ($117 billion) of stressed assets in its financial system, India is stepping up efforts to tackle an issue that is threatening to derail Prime Minister Narendra Modi’s development agenda.

In a boost to a 700 billion-rupee recapitalization program already under way, the government allowed a single investor to fully own an asset reconstruction company, making it easier to raise capital. An earlier rule capped the ownership at 50 percent. ARCs buy bad loans and collateral from lenders, and work on recovery by revamping businesses and assets…

Modi Tackles $117 Billion of Bad Debt by Easing Rules for Buyers

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