NARCL offers to buy 5 distressed loan accounts including Future Retail: Report

India’s bad bank, National Asset Reconstruction Company Ltd (NARCL), has offered to acquire five distressed loan accounts including Future Retail and GTL, according to a report by The Economic Times quoting sources.

Engineering procurement and construction companies McNally Bharat Engineering and Consolidated Construction Co Ltd (CCCL); and Rainbow Papers are the other three companies on NARCL's list.

The NARCL reportedly made the proposal in a letter to lenders last week. The asset reconstruction company will make a binding offer only after it receives written consent from the lenders, as per the report.

The National Asset Reconstruction Company Limited is an asset reconstruction company set up by various banks last year to aggregate and consolidate stressed assets for resolution.