By Ankur Mishra
Indiabulls Group is looking to exit the asset reconstruction (ARC) business and is in talks with buyers to sell its loan portfolio, FE has learnt from sources close to the development. Indiabulls Asset Reconstruction Company (IARCL) is in talks with Asset Reconstruction Company India (Arcil) and Davidson Kempner of the US for sale of its Rs 1,500-crore loan portfolio.
Indiabulls is looking to exit the ARC business at a time when the government is in the process of setting up a bad bank. Finance minister Nirmala Sitharaman had announced setting up of an asset reconstruction company and an asset management company during the Budget speech.
“IARCL has decided to exit the asset reconstruction (ARC) business a few months back after assessing market conditions,” said one person aware of the