India's bad bank NARCL offers Rs 228 cr for Mittal Corp debt held by PSBs

Government-promoted bad bank National Asset Reconstruction Company (NARCL), through its newly formed ARC has made an offer for loans of troubled steelmaker Mittal Corp, a move that has triggered a Swiss challenge auction. The bad bank has offered Rs 228 crore for Mittal Corp debt held by public sector banks (PSBs), reported The Economic Times (ET) on Tuesday. 

The offer equates to a recovery of 16 per cent of the total amount of Rs 1,414.5 crore. 

The NARCL will have the right to match any counteroffers, as the lenders have put the debt on the block. 

Around 89 per cent