AION Capital receives approval from RBI to form asset reconstruction company: Sources

Reserve Bank of India gave its approval to AION Capital, a joint venture between ICICI Bank and Apollo Global management, to form an asset reconstruction company(ARC). Both the companies had co-approached RBI in 2016.

ARC will focus on distressed assets in sectors like steel and metals. However, the capital will be raised as and when deals are signed.

RBI norms mandate minimum of Rs 100 crore capital for setting up an ARC.