Ares SSG Capital completes acquisition of Indian financier Altico Capital

Photo: Reuters

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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