homevideos Newseconomy NewsConfident of recovering outstanding amount from Essel Group, says Aditya Birla Sun Life AMC
Confident of recovering outstanding amount from Essel Group, says Aditya Birla Sun Life AMC
Aditya Birla Sun Life AMC has the highest exposure to Essel Group. So the resolution will be seen very positively for the mutual fund as well as its very stakeholders. CNBC-TV18’s Nisha Poddar is in conversation with A Balasubramanian, MD and CEO of Aditya Birla Sun Life AMC.
Aditya Birla Sun Life AMC has the highest exposure to Essel Group and the resolution will be a big positive for the mutual fund and its stakeholders. CNBC-TV18’s Nisha Poddar spoke with A Balasubramanian, MD and CEO of Aditya Birla Sun Life AMC, to discuss the matter.
“It has been an interesting journey for the last nine months, since the time the issue happened sometime around January. Since then, we have been trying to find a resolution for the whole exposure that we had. Clearly, the waiting has paid off; we have got back the full amount that was outstanding and we have fully received the interest accrued to it,” he said.
“The total exposure we had was roughly around Rs 1,500 crore. From today’s transaction, as it has been reported, we will get close to Rs 835 crore of outstanding,” he added.
When asked how confident he is of recovering the rest of the exposure the fund house has to the Essel Group after this transaction, he replied, “Reasonably confident. As a manager, we have to be confident in every recovery process. If your underwriting is very strong then it is only a question of time, it is not a question whether the money comes or not. We have to also ensure that we take the right steps in a manner that helps us recover whatever the maximum possibly we can get.”
“This is one scenario where a lot of the lenders came together and looked at one way of finding a resolution and finally we are seeing the benefit coming in,” he said.
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