Bangalore : After receiving seed funding from ICF Ventures in
2000, MatexNet, a company that specialises in the sale of surplus and
non moving inventory and equipment in corporates, is now eyeing Non
Performing Assets (NPAs) in banks.
Matex
would soon tie up with a $ 2 billion foreign fund to form a joint
venture. It is yet to be decided whether this venture will be part of
the fund to be an asset restructuring company (ARC) or be a company to
provide services to the ARC.
Without
naming the fund with which it would soon be tieing up, S Jaganni Vasan,
MD, MatexNet Pvt Ltd. said that they will look at banks that are
willing to dispose their NPAs by finding suitable clients.
"Banks
with NPAs wanted us to come up with a solution where they could derive
value from these assets. This required a legal expertise. After
evaluating, we signed with six banks that are willing to dissolve
their NPA's," added S Yogeshwaran, director of Matex.
Says
Vijay Angadi from ICF Ventures who is also the MD for NovaStar Funds.
"This will open up a huge opportunity for banks to benefit from the
NPA's."
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