M&A

M&A

Acre ARC sells Nagarjuna Fertilizers assets to Greenko unit for Rs.1,685-Cr

Economic Times  

Acre Asset Reconstruction Company (ACRE) has completed the sale of INR 3,857 crore debt of Nagarjuna Fertilizers and Chemicals to AM Green Ammonia for a cash consideration of INR 1,685 crore, making an absolute return of over 88% of the INR 896 crore. With this deal, AM Green, an arm of Hyderabad-based renewable energy company Greenko, will take control of the assets of the company.The Asset Reconstruction Company had consolidated the debt from a seven-bank consortium as of March 2023. IDBI Bank, with INR 568 crore of exposure, had managed the sale on behalf of the consortium. Other large lenders include State Bank of India (INR 576.91 crore) and ICICI Bank (INR 196.70 crore). Bank of India, UCO Bank, Indian Overseas Bank and Punjab National Bank were the other lenders in the consortium.