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Prithvi Information Solutions MD V Satish Kumar arrested by ED in Rs3,316 crore bank fraud case

The Enforcement Directorate (ED) has arrested Vuppalapati Satish Kumar, MD of Prithvi Information Solutions Limited (PISL) in connection with Rs 3,316 crore bank fraud case. ....

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Ares SSG Capital completes acquisition of Indian financier Altico Capital

Ares SSG Capital completes acquisition of Indian financier Altico Capital
Photo: Reuters
March 11, 2021
Hong Kong-based Ares SSG Capital on Thursday said it has completed acquisition of stressed real estate financier Altico Capital India Ltd. This buyout marks the first resolution of a defaulting non-banking finance company (NBFC) outside the country’s Insolvency and Bankruptcy Code (IBC) and represents Ares SSG’s single largest investment in India till date, it said in a press release.
Ares SSG, in partnership with Assets Care and Reconstruction Enterprise Ltd (Acre), a leading asset reconstruction company, has acquired all outstanding loans and investments from Altico for Rs2,800 crore ($380 million), in line with its original resolution plan submitted in February last year. ....

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Hong Kong-based Ares SSG Funds completes acquisition of Altico Capital

Ares SSG Funds of Hong Kong on Thursday announced completion of acquisition of debt-ridden Altico Capital, a nonbank lender to property builders. The acquisition marks the first resolution of a defaulting NBFC outside India s Insolvency and Bankruptcy Code (IBC) and represents Ares SSG s single largest investment in India to date, said Ares SSG.
Funds managed by Ares SSG, in partnership with Assets Care and Reconstruction Enterprise Ltd. ( ACRE ), a leading asset reconstruction company, have acquired all outstanding loans and investments from Altico for a consideration of approximately Rs 2,800 crore ($380 million), in line with its original resolution plan submitted in February 2020. Ares SSG s plan has ensured a full resolution while also maximizing the value of the underlying assets for creditors, despite the adverse impact of the pandemic on several of Altico s portfolio companies, added the Hong Kong-based hedge fund. ....

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Ares SSG funds complete acquisition of Altico Capital - The Hindu BusinessLine

Ares SSG funds complete acquisition of Altico Capital
March 11, 2021
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Debt ridden Altico had been facing a liquidity crisis since late 2019. It had defaulted on about ₹20 crore to Mashreq Bank in September 2019
Ares SSG on Thursday announced that some of its funds have completed the acquisition of all underlying assets of Altico Capital India Limited.
“The acquisition marks the first resolution of a defaulting NBFC outside India’s Insolvency and Bankruptcy Code and represents Ares SSG’s single largest investment in India to date,” said the Asia Pacific alternative asset manager.
Funds managed by Ares SSG along with Assets Care and Reconstruction Enterprise have acquired all outstanding loans and investments from Altico for about ₹2,800 crore, which is in line with its original resolution plan submitted in February 2020. ....

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Ares SSG seals deal to buy Altico Capital India

Ares SSG has completed the acquisition of all underlying assets of Altico Capital India Ltd., a non-banking financial company. ....

Shyam Maheshwari , Reconstruction Enterprise Ltd , Altico Capital India Ltd , Ares Management Corp , Ares Management , Assets Care , ஷியாம் மகேஸ்வரி , புனரமைப்பு நிறுவன லிமிடெட் , ஏரிஸ் மேலாண்மை கார்ப் , ஏரிஸ் மேலாண்மை , சொத்துக்கள் பராமரிப்பு ,