Mr. S. Khasnobis takes over as MD & CEO of ARCIL

Mr. S Khasnobis has assumed charge as Managing Director & CEO of Asset Reconstruction Company (India) Ltd. (Arcil) from July 13, 2006. He was earlier President & COO of Arcil, on deputation from ICICI Bank.

Mr. Khasnobis has wide experience of about 25 years in the areas of Banking particularly in project finance, structured finance and stressed asset resolution. Before deputation to Arcil, he was heading the Special Assets Management Group (SAMG) of ICICI Bank and was responsible for managing and resolving stressed asset portfolio of ICICI Bank.

About Arcil: Asset Reconstruction Company India Limited (Arcil) is the first Asset Reconstruction Company (ARC) to commence business in India. ARCs are established to acquire non performing assets (NPAs) from financial institutions and banks with the objective of focused management of these assets and maximization of recovery. Relieving institutions and banks of the burden of NPAs should allow them to focus on core activities. Arcil has been set up to fulfill these objectives in the Indian banking landscape.

Adopting a bank based model of ARC, Arcil has been sponsored, inter-alia, by the significant players in the Indian financial sector, namely State Bank of India, ICICI Bank Ltd., IDBI Ltd. and Punjab National Bank. ________________________________________________________________

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