NARCL bids Rs 2.7 bn for Pink City Eway, 15% recovery expected

22 Jan 2024 CW Team

The National Asset Reconstruction Co (NARCL), a bad loan aggregator supported by the government, has presented a Rs 2.70 billion proposal for Pink City Expressway (PCEPL). PCEPL was established to construct, operate, and maintain the six-lane Gurugram-Kotputli-Jaipur section of the Delhi-Jaipur highway.

According to the rating agency Care, PCEPL holds Rs 17.61 billion in outstanding loans and Rs 30 million in bank guarantees. This implies that lenders can recover approximately 15% of their claims from NARCL.

The process involves the bad bank acquiring loans by paying 15% of the amount in cash and the remainder in security receipts (SRs). These SRs are to be matched with recovery over time and are guaranteed by the government for five years. They can be invoked by banks in case of resolution or liquidation of the bad loan.

A person familiar with the process, speaking on condition of anonymity, stated, "The PCEPL offer was finalised last week after NARCL completed all its financial and legal due diligence. Individual banks have to approve the transaction for it to be completed." About a dozen banks, with IDBI Bank at the forefront and including Canara Bank, IFCL, and State Bank of India (SBI), are lenders to the project.

This offer marks the first from NARCL to banks in over four months and the first since changes in the top management of the bad bank. Diwakar Gupta, former SBI managing director, assumed the position of NARCL chairman in early December, succeeding Karnam Sekar, who resigned in August due to differences over the institution's functioning.

Infrastructure Urban

10 Mar 2026

ABB to Invest Rs 6.25 Billion to Expand India Manufacturing

ABB recently announced plans to invest approximately Rs 6.25 billion ($75 million) in India during 2026 to expand its manufacturing footprint and research and development capabilities. The investment follows more than $35 million spent in 2025 and reflects the company’s continued focus on strengthening its ‘local-for-local’ strategy in the country.The investment will support ABB’s Electrification, Motion and Automation businesses and expand manufacturing capacity for infrastructure sectors such as renewable energy, metro rail, data centres and industrial applications. Approximately 300..

Six WOLFF Cranes Handle 60,000 m³ Concrete for German Hospital

Six WOLFF tower cranes are playing a key role in constructing a new hospital complex in Memmingen, Germany, supporting large-scale material handling for the project. The facility is being built on a 7.7-hectare site and will feature six floors, around 480 beds and a gross floor area exceeding 75,000 sq m.Building shell works began recently in February 2025. One WOLFF 6531.12 Cross crane supported early site preparation before being dismantled in autumn 2025, while five remaining cranes continue operations. Over an average deployment period of 16 months, the cranes are expected to move approxim..

REC Funds Rs 115.6 Million CSR Support for Bihar Eye Hospital

REC recently committed Rs 115.6 million under its Corporate Social Responsibility (CSR) programme for the procurement of clinical and non-clinical equipment at Sankara Eye Hospital in Saharsa, Bihar. The initiative aims to strengthen healthcare infrastructure and improve access to specialised eye care services in the region.A Memorandum of Agreement (MoA) was recently signed between Pradeep Fellows, Executive Director (CSR), REC Limited, and Wg Cdr V. Shankar (Retd), Trustee and Executive Director of Sankara Eye Hospital, at the REC office in the SCOPE Complex, New Delhi.The support is expecte..