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NARCL plans to buy 18 distressed accounts with Rs 39,921 crore debt by October 31: Report

Sep 19, 2022 09:51 AM IST

The NARCL has created two lists – Phase 1 comprising 8 accounts with debt of Rs 16,744 and Phase 2 having 10 accounts with debt of Rs 18,177.

National Asset Reconstruction Company of India Ltd (NARCL) is preparing to acquire 18 distressed accounts totalling Rs 39,921 crore by October 31, The Economic Times reported on September 19, citing two people aware of the development. This follows directions from senior finance ministry officials to government-owned banks at a meeting held last week, it said.

NARCL informed lenders on September 16 that it has created two lists – Phase 1 comprising eight accounts with debt of Rs 16,744 and Phase 2 having 10 accounts with a debt of Rs 18,177, the report said.

As per the report, Jaypee Infrastructure, Meenakshi Energy, Mittal Corp, Rainbow Papers and Consolidated Construction Company are among the eight companies in phase one. Coastal Energen, Rolta and McNally Bharat Engineering are part of phase two.

Moneycontrol could not independently verify the report.