National Asset Reconstruction Co (NARCL) has submitted a ₹345 crore offer to acquire the debt of Kurukshetra Expressway, a stressed road asset with outstanding debt of approximately ₹1,500 crore. The bid represents part of ongoing efforts to resolve legacy stressed infrastructure assets under the government-backed bad loan resolution framework.

Bidding Structure and Process

NARCL has emerged as the first bidder in the process, with sources indicating that the company will serve as the anchor bidder if challenged. This positioning provides NARCL with the option to top its initial offer if competing bids emerge. Lenders are currently evaluating the proposal as part of the debt recovery proceedings.

Project Background and Termination

Kurukshetra Expressway (KEPL), a JMC's Road BOOT joint venture in Haryana, was established to develop, operate and maintain the four-laning of the Rohtak-Bawal stretch of NH-71 under the National Highways Development Programme (NHDP) Phase III. The project achieved commercial operations in September 2014.

The concession agreement was cancelled in July 2021 following prolonged disruptions and stoppage of toll collections. According to Care Ratings, the termination resulted from sustained force majeure events, specifically farmer agitations that caused persistent traffic disruptions and tolling challenges.

Recent Developments

In August, KEPL received two arbitration awards in its favour, which were subsequently challenged by the National Highways Authority of India (NHAI). Care Ratings noted that no major cash outflow is anticipated from the project due to the shortfall between debt due and termination payment.

NARCL's Resolution Framework

The bid structure follows NARCL's standard 85:15 framework, where 15% is paid in cash and the remaining 85% is paid through security receipts backed by government guarantee. The government guarantee covers the shortfall between amounts realised from underlying assets and the face value of security receipts issued, subject to an overall ceiling of ₹30,600 crore valid for five years.

NARCL is designed to resolve stressed loan assets above ₹500 crore each, targeting approximately ₹2 lakh crore in total stressed assets. The Kurukshetra Expressway acquisition represents part of this broader mandate to address legacy infrastructure debt issues in the Indian banking system.

ARCL Organics Ltd , a leading player in the chemical industry, has announced its unaudited financial results for the second quarter and half-year ended September 30, 2025. The company's Board of Directors approved the results in a meeting held on November 12, 2025.

Key Financial Highlights

Standalone Performance

ARCL Organics demonstrated a strong financial performance in Q2 2025. While the standalone revenue from operations slightly decreased by 1.72% to Rs. 661.88 crores compared to Rs. 673.44 crores in the previous quarter, the company's profitability saw a remarkable improvement. The net profit after tax nearly doubled, reaching Rs. 70.80 crores in Q2 2025, a substantial 96.07% increase from Rs. 36.11 crores in Q1 2025.

For the half-year period ending September 30, 2025, ARCL Organics reported a total revenue from operations of Rs. 1,335.32 crores, with a net profit after tax of Rs. 108.91 crores.

Consolidated Results

On a consolidated basis, ARCL Organics and its subsidiaries reported a revenue of Rs. 674.87 crores for Q2 2025, with a net profit of Rs. 72.18 crores. The consolidated results reflect the company's overall strong performance across its various business segments.

Balance Sheet Strength

As of September 30, 2025, ARCL Organics' total assets stood at Rs. 16,771.07 crores, indicating a robust financial position.

Audit Review

The financial results underwent a limited review by independent auditors L.B. Jha & Co., who expressed no reservations on the financial statements. The review was conducted in accordance with the Standard on Review Engagements (SRE) 2410, as issued by the Institute of Chartered Accountants of India.

Subsidiary Performance

The consolidated results include the performance of seven subsidiaries, including ARCL Petrochemicals Limited and Allied Maritime & Infra Engineering Private Ltd. These subsidiaries contributed to the group's overall financial strength, with their combined assets totaling Rs. 1,483.65 lakhs as of September 30, 2025.

Conclusion

ARCL Organics Limited's Q2 2025 results demonstrate the company's resilience and ability to enhance profitability. The substantial growth in net profit, both on a standalone and consolidated basis, reflects the effectiveness of the company's strategic initiatives and operational excellence.

Note: All financial figures are based on the unaudited results approved by the Board of Directors and are subject to limited review by the statutory auditors.