Asset Care and Reconstruction Enterprise has sold 49 per cent stake to Singapore-based SSG Capital Management Pte Ltd for an undisclosed amount.
ACRE is promoted by IFCI, Punjab National Bank, Tourism Finance Corporation of India and Bank of Baroda.
It has become the only asset reconstruction company in the country to have received 49 per cent Foreign Direct Investment, ACRE said in a statement.
SSG Group specialises in distressed and special situation investments in deep-value assets that are afflicted by dislocations in pricing and market liquidity, it said.
The induction of SSG as a strategic investor will help ACRE augment capital base through which it would be able to participate more actively in the sale of Non-Performing Assets and to acquire large value transactions, it said.
Further, SSG’s global experience and specialisation in distressed asset management would benefit the management and employees of ACRE with its in depth knowledge and expertise in the field of distress asset management, it said.