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State-owned National Asset Reconstruction Company (NARCL) and Manish Lalwani-promoted Omkara Assets Reconstruction Company (ARC) are in the fray to acquire the debt of wind turbine manufacturer Wind World (India) that has been under corporate insolvency process for over five years.
DBS India has invited bids for a counter bid for the portfolio of the NPAs, which should be at a minimum of 5% markup on the base price. The bank will hold the Swiss challenge on November 7, according to the bid document.
These loans have been sold to Omkara Asset Reconstruction Co., giving Omkara full ownership of all loans linked to this exposure. These loans, reflected as receivables in the form of security receipts (SR) on Piramal's books, are now being sold for upfront cash.
The Piramal Group has sold its bad loans worth ₹531 crore to Omkara Asset Reconstruction Co., including properties like a JW Marriott hotel and a Crowne Plaza unit. The deal was done at a premium, resulting in a profit of over ₹700 crore for Piramal. The loans were initially sold to Omkara ARC in a structured deal, with 15% paid in cash and the rest issued as security receipts.
PNB Housing Finance had announced the successful resolution of its large corporate non-performing account (NPA) account valued at ₹784 crore, which constituted around 1.3% of the loan asset as of June 30, 2023, according to a stock exchange announcement