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Arcil, Cerberus-ARCION join the race for Yes Bank's Rs.48,000-Cr NPAs

Economic Times Print Edition  

Avenue Capital-backed Asset Reconstruction Company of India (Arcil) and ARCION Revitalization Pvt Ltd, an asset reconstruction company (ARC) backed by Apollo-ICICI Bank, have submitted separate expressions of interest for Yes Bank's INR 48,000 crore stressed loan book. Cerberus, which lost out to JC Flowers, despite a higher bid, because it did not have an ARC, is in the process of acquiring ARCION in the bid for Yes Bank's bad loans assets. JC Flowers ARC, the anchor bidder for Yes Bank's INR 48,000 crore portfolio, offered INR 11,100 crore to acquire the stressed loans. JC Flowers ARC will have the right to match couterbids.