Ares completes acquisition of India's Altico Capital

Funds managed by Hong Kong-based Ares SSG completed the acquisition of all outstanding loans and investments of nonbank finance company Altico Capital India Ltd. for about 28 billion rupees.

The acquisition, which was completed in partnership with India-based Assets Care & Reconstruction Enterprise Ltd., marks the first resolution of a defaulting nonbank finance company outside the country's insolvency and bankruptcy process, according to a March 10 news release. Ares SSG said the entire team of Altico Capital India will continue to assist in servicing the company's existing portfolio.

Earlier in March, Altico Capital India wound up its resolution process after signing a settlement agreement with 27 lenders, according to a CNBC-TV18 report.

As of March 10, US$1 was equivalent to 72.83 Indian rupees.