Several prominent asset reconstruction companies (ARCs), including global fund JC Flowers ARC and Varde Partners-backed Aditya Birla ARC, recently participated in the Swiss auctions initiated by lenders for three road projects, which include Pink City Expressway, Haridwar Highways Project and Rohtak Hissar Tollway. The auction, under a 15:85 structure (15 per cent cash and 85 per cent security receipts), was conducted on March 5, 2024. Rohtak Hissar Tollway, with a principal outstanding of Rs 10.02 billion, had a base price of Rs 7 billion. NARCL offered a Rs 2.7 billion debt for the Pink City Expressway. The base price for the Haridwar Highway was Rs 2.75 billion against a total debt of Rs 10.21 billion.
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