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The second asset reconstruction company (ARC), ASREC (India) in the country is set to be operational soon. As of now, only one ARC is operational — Asset Reconstruction Company of India (ARCIL), which is promoted by ICICI Bank, State Bank of India and IDBI.
Bank of India, Allahabad Bank and Indian Bank — have now become shareholders of ASREC, which is sponsored by UTI-I, with a 49% stake. The other shareholder in the ARC is Life Insurance Corporation of India.
Private equity fund Actis, formerly known as CDC, Standard Chartered Bank and Kotak Mahindra Bank, are awaiting approvals from the RBI. Ace, an ARC promoted by IFCI and Punjab National Bank (PNB), had already obtained a licence from the RBI.
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