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NARCL offers Rs.270-Cr for Pink City Expressway;15% recovery likely

Economic Times  

The government-backed bad loan aggregator, National Asset Reconstruction Co (NARCL), has made a INR 270 crore offer for Pink City Expressway Pvt Ltd (PCEPL), the company which was formed to build, operate and maintain the six-lane Gurugram-Kotputli-Jaipur section of the Delhi-Jaipur highway.PCEPL has INR 1,761 crore of outstanding loans and another INR 30 crore of bank guarantees. NARCL acquires loans by paying 15% of the amount in cash and the rest in security receipts (SRs), which are to be matched with recovery over time.