Hong Kong-based Ares SSG Funds completes acquisition of Altico Capital

This is the first resolution of a stressed NBFC outside India's insolvency and bankruptcy process

Ares SSG Funds of Hong Kong on Thursday announced completion of acquisition of debt-ridden Altico Capital, a nonbank lender to property builders. "The acquisition marks the first resolution of a defaulting NBFC outside India's Insolvency and Bankruptcy Code (IBC) and represents Ares SSG's single largest investment in India to date," said Ares SSG.

"Funds managed by Ares SSG, in partnership with Assets Care and Reconstruction Enterprise Ltd. ("ACRE"), a leading asset reconstruction company, have acquired all outstanding loans and investments from Altico for a consideration of approximately Rs 2,800 crore ($380 million), in line with its original resolution plan submitted in February