Investor wealth erosion, losing a majority stake in the wealth management business and regulatory concerns haunt the 26-year-old financial services group.
On 25 March, the Edelweiss Group’s asset reconstruction business bought over the Rs 247 crore outstanding principals of loans availed by Future Retail and Asian Hotels North—a move that further cemented its place at the top of India’s asset reconstruction space.
Edelweiss ARC has over Rs 42,000 crore worth of such assets under management. A large chunk of this comes from the likes of Essar Steel and Bhushan Steel, whose loans it acquired around 2015 and 2016. This number puts it way ahead of its competitors.
That in itself is large enough, one would think, for Rashesh Shah, the 58-year-old …
Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
Editor, Banking
furquan@mailtmc.com
Delhi