Phoenix ARC in talks to acquire loans of personal care products firm VVF India

Kotak Mahindra Bank-backed Phoenix ARC is in talks with banks to acquire loans of VVF (India) Ltd, makers of personal care products such as Doy Care and Jo. Phoenix ARC has offered INR 105 crore to Bank of India for its INR 210 crore loans to VVF (India). The offer, which equates to a recovery of 50% for the state-owned bank, has triggered a Swiss challenge auction which is scheduled for April 30. VVF (India) has borrowings of INR 1,400 crore