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ARCs earning from SR redemption up 15.8% in FY25 on better recovery
The redemption of SRs, broadly representing recovery, improved substantially as the economy picked up and amount locked up in stressed sectors like power, infrastructure got resolved, according to the Association of ARCs in India.
ARCs had redeemed SRs worth ₹37,364 crore in FY24 and ₹27,356 crore in FY23. SRs are financial instruments issued to qualified buyers as consideration for purchasing distressed assets from banks or financial institutions.
While the redemption of receipts increased in FY25, the SRs issued for bad loans acquired by ARCs declined during the period. They issued SRs amounting ₹37,511 crore in FY25, down from ₹37,864 crore in FY24 and ₹41,406 crore in FY23.
With stable gross non-performing assets (NPAs) of the banking system below 3 per cent, fresh ARC business remained almost stagnant. The pace of issuance of security receipts issued for acquisition of NPAs remained muted. The redemption outpaced acquisition due to improved recovery and collections. For the next year too, the situation is likely to continue, said Hari Hara Mishra, CEO, Association of ARCs in India in a statement.
Also, with the redemption of SRs being higher than fresh SRs issued, the outstanding SRs declined to ₹1.34 trillion in FY25 from ₹1.39 trillion in FY24.
The asset sale & settlement contributed only 1/3rd of recovery, the remaining 2/3rd came through Insolvency and Bankruptcy Code (IBC), and in-house restructuring and other measures, the association said.
The total dues acquired by ARCs cumulatively rose to ₹16.14 trillion, including those from Stressed Asset Stabilisation Fund amounting to ₹4.22 trillion transferred to an ARC during FY25, it added. The total dues acquired were ₹10.2 trillion at the end of FY24 and ₹8.48 trillion in FY23.
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United News of India
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Dassault and Reliance Group announced last month that DRAL will be setting up a final assembly line (FAL) for manufacturing the Falcon 2000 jets at Nagpur. The first made-in-India Falcon 2000 jet is expected to be ready by 2028. This will be the first instance of Dassault manufacturing the popular business jet outside France. The made-in-India jets will cater to rising business jet demand in India and international markets, according to the partners. At Mihan, Nagpur, DRAL has a manufacturing facility for making various sections of Dassault's best-selling business executive jet–the Falcon 2000. Since delivering its first Falcon 2000 front section in 2019, DRAL has assembled over 100 major sub-sections for the Falcon 2000. While Dassault and the Reliance Group have not spelt out the capacity of the Falcon 2000 production facility at Nagpur, but sources in the know indicated that it could be up to 24 aircraft a year. This would be the first-ever instance of a foreign aircraft manufacturer setting up an FAL in India for fixed-wing civilian aircraft. Over time, however, Dassault's newer defence partnerships have increasingly leaned toward other Indian players like Tata, signalling a reduced reliance on the Anil Ambani group in this space. The group recently announced big plans in the ammunition segment also. In June 2025, Reliance Defence formed a strategic partnership with Diehl Defence of Germany to manufacture Vulcano 155 mm precision-guided artillery shells domestically. In May 2025, the group signed an agreement with Rheinmetall AG, another major German defence manufacturer to supply explosives and propellants for medium and large-calibre ammunition. Despite years of financial turbulence, the group has shown signs of resilience and reinvention. Though much of the original empire lies dismantled, a leaner, more focused Anil Ambani Group is trying to chart a comeback—anchored in energy, infrastructure, and defence, yet still shadowed by its legacy of debt and regulatory scrutiny. Sukalp Sharma is a Senior Assistant Editor with The Indian Express and writes on a host of subjects and sectors, notably energy and aviation. He has over 13 years of experience in journalism with a body of work spanning areas like politics, development, equity markets, corporates, trade, and economic policy. He considers himself an above-average photographer, which goes well with his love for travel. ... Read More
