S Khasnobis takes over as MD and CEO, ARCIL
25 July 2006
Mumbai: S Khasnobis has assumed charge as managing director and CEO of Asset Reconstruction Company (India) Ltd. (Arcil) from July 13, 2006. He was earlier president and COO of Arcil, on deputation from ICICI Bank.
Khasnobis has 25 year's experience in Banking particularly in project finance, structured finance and stressed asset resolution. Before deputation to Arcil, he was head of special assets management group (SAMG) of ICICI Bank.
Asset Reconstruction Company India Limited (Arcil) is the first Asset Reconstruction Company (ARC) to commence business in India, to acquire non-performing assets (NPAs) from financial institutions and banks with the objective of focused management of these assets and maximisation of recovery.
Adopting a bank based model of ARC, Arcil has been sponsored State Bank of India, ICICI Bank Ltd., IDBI Ltd. and Punjab National Bank.