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NARCL completes fifth exit with Rs.575-Cr recovery
Mumbai-based National Asset Reconstruction Company (NARCL) has completed its fifth successful exit from a stressed-loan account, recovering more than Rs 575-Cr from the resolution of aroma ingredients maker Agson Global . The transaction enabled NARCL to fully redeem the security receipts (SRs) held by lenders and distribute an additional sum of nearly Rs 200-Cr to the banks.Agson Global was admitted to insolvency proceedings by the National Company Law Tribunal following a petition filed by Indian Bank. NARCL acquired the company's debt at a discount and subsequently facilitated a recovery process that exceeded its initial recovery cost of approximately Rs 360-Cr.The resolution was supported by a refinancing transaction arranged by the Neo Group, with funding exceeding Rs 300-Cr. Prior to this, Agson Global carried a total debt outstanding of over Rs 2,000-Cr. NARCL has previously exited from other stressed accounts, including Wind World India, Metenere, Helios International, and SSA International.
For FY25, NARCL had reported about INR 603 Cr in Operating Income and about INR 424 Cr in PAT.
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