NARCL to buy loans of five distressed companies, lenders agreement awaited

In July, NARCL had proposed to take distressed assets of 17 firms worth Rs 93,249 crore including included five firms of the Future Group

The government-owned National Asset Reconstruction Company of India (NARCL) has reportedly offered to acquire the distressed loan accounts of five companies including Future Retail. According to a report by The Economic Times (ET), the binding offer will only be made after NARCL receives written consent from lenders. 

The other companies that have been offered to transfer the loan accounts are GTL Ltd, McNally Bharat Engineering, Consolidated Construction and Rainbow Papers. 

NARCL, according to ET, had earlier stated that it will only make a binding offer if 75 per cent of the lenders agree. It would give NARCL control over the