L&T Finance sells Rs. 3,463-Cr worth NPAs to Phoenix ARC

Publicly-listed L&T Finance has sold little over INR 3,400 crore from its stressed-assets portfolio to Kotak Mahindra Bank-backed Phoenix ARC. The sale comes as finance companies are brought within the purview of stricter bad-loan norms that apply to traditional lenders. L&T Finance invited bids for four pools of stressed loans aggregating to INR 5,238.7 crore, including the interest component. Of this, Phoenix ARC acquired three pools. Warasgaon Power, Warasgaon Assets Maintenance, MEP Infrastructure, Supreme Panvel Indapur Tollways, SEW Infrastructure, Supertech Infrastructure, Brassco Engineering Ltd and EMTA Coal are among the 36 accounts sold to Phoenix ARC.