Ares SSG Capital-backed asset reconstruction company is set to acquire State Bank of India’s (SBI) road assets in an all-cash deal after eight-month-long negotiations, said two people aware of the development.
An anchor offer by Assets Care & Reconstruction Enterprises (ACRE) to SBI for loans to SEW Krishnagar Baharampore Highways in West Bengal has triggered a Swiss challenge auction, the people said.
Assets Care & Reconstruction Enterprises (ACRE), supported by Ares SSG Capital, is set to purchase State Bank of India’s (SBI) road assets in an all-cash deal following months of negotiation. ACRE’s recovery amounts to 60% for the largest bank in the country and subsequently, SBI will hold an e-bidding process on 7 June to determine the offer.
Source:
Economic Times
