The West Bengal Industrial Development Corporation —- the nodal agency for promotion of industry in the state — is in negotiations with Asset Reconstruction Company India Ltd to hive off some of its distressed assets. “We have approached ARCIL as an option to sell our stressed assets as part of the recovery process to
improve our balance sheet,” WBIDC MD, Mr Subrata Gupta said. “The process is at a very preliminary stage. We have asked them to come as soon as possible and examine how far it is possible to restructure our stressed assets with them,” he said, but declined to comment on the quantum of assets they were to sell to ARCIL.