Vega Mall project scooped up by Indiabulls Housing Finance for Rs 500 crore
The ARCs gave additional priority loan of Rs 70 crore to complete the project. This helped get an investor, signifying the importance of successful timely intervention that put a distressed asset back on the track. Siby Antony, executive chairman at Edelweiss ARC, said, “This a successful case where the 15:85 scheme worked and where both banks and ARCs will benefit.
While banks failed, asset reconstruction companies (ARC) have managed to turn around a soured asset. Edelweiss ARC and Phoenix ARC have revived the Vega Mall project in Bengaluru with additional fund infusion. Image source: DNA