Cerberus drops purchase of Apollo's Unit after Arcion Revitalization deal

The US firm's Indian arm decided not to proceed with the deal in October after agreeing to acquire Arcion Revitalisation Pvt. for about 2 billion rupees ($24 million)

Cerberus Capital Management’s planned purchase of Apollo Global Management’s asset reconstruction company in India has stalled, according to people familiar with the matter.
 

The US firm’s Indian arm decided not to proceed with the deal in October after agreeing to acquire Arcion Revitalization Pvt. for about 2 billion rupees ($24 million), said the people, who asked not to be identified as the information is private. 

The decision came as global investors are cooling on India’s asset reconstruction companies, or ARCs, amid the country’s improving bad debt situation and regulatory changes. Only 3.2% of the gross non-performing loans were sold to