The Economic Times, 27 Aug 2008, George Smith Alexander
MUMBAI: The investment arm of the Government of Singapore, GIC, may pick up slightly below 10% stake in Asset Reconstruction Company of India (Arcil), subject to approval from the Foreign Investment Promotion Board (FIPB). Arcil is the country’s largest asset reconstruction company (ARC).
Sources said an internal Arcil committee has approved GIC’s proposal to acquire 9-10% stake for around Rs 275 crore, which translates to Rs 80-90 per share.
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