NARCL to acquire Jaypee Infratech for Rs.3,570-Cr

India's state-sponsored bad bank The National Asset Reconstruction Co (NARCL) has emerged as the winning bidder for the debt of Jaypee Infratech. In the first week of October, NARCL gave an INR 3,570 crore binding bid for the loans held by banks, triggering a Swiss challenge auction. The deal will involve NARCL acquiring INR 9,234 crore of stressed loans and would imply a recovery of 39% for lenders.