M&A

M&A

ACRE ARC wins bid to take over Essel Group’s Rs.1,350-Cr bad loans for Rs.505-Cr

Economic Times  

Assets Care & Reconstruction Enterprise (ACRE) has submitted an anchor bid to acquire five non-performing loan (NPL) accounts associated with Subhash Chandra-promoted Zee Group or Essel Group from JC Flowers ARC, offering INR 505 crore in cash against total outstanding debt of INR 1,350 crore. The bid indicates a recovery of 37% for the lenders.