PricewaterhouseCoopers (PwC) is planning to enter the asset reconstruction sector in India and is in talks with financial institutions for providing the service.
“Financial institutions such as ICICI, IDBI and IFCI have large sticky assets. The Securitisation Act has empowered them, but they lack the expertise to manage the assets,” PwC executive director Joydeep Datta Gupta said.
“We have adequate exposure in the asset reconstruction sector in other countries. We also provide consultancy services on managing seized assets,” he said.
“Banks and FIs are good at their core business, while we have the expertise to manage a company. The Securitisation Act provides these institutions the power to take over a defaulting company and here is where we come into the picture. We can provide professionals for managing a company taken over by a bank and also help them find a buyer,” he said.
“We are talking to FIs on availing our service to preserve the assets and enhance their value before disposing them of,” he added. PwC is also looking at strengthening its presence in business process outsourcing and expects a 50 per cent growth in the sector.
The company provides BPO services in three tiers — shared services for domestic clients, global outsourcing of shared services and processing for their end to end accounts.