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Anil Ambani's Reliance Capital is setting up an asset reconstruction business. The company is expected to file for the ARC licence with the Reserve Bank of India next month. Foreign funds like JP Morgan, George Soros, Goldman Sachs and Bank of America are in talks with Reliance ARC for picking up a stake. It already has Indian partners like Corporation Bank, Indian Bank and GIC. The FDI limit in ARCs has been fixed at 49 per cent.

ICICI Bank's Asset Reconstruction Company of India Ltd (Arcil) has Barclays Capital as an investor with an equity stake of 10 per cent.

Read - Global funds eye stake in Rel Cap's ARC business