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Industry News
India's NPAsource opens Dubai office
Posted On : 2012-08-08 18:38:47( TIMEZONE : IST )
In a major strategic step to expand its global footprints, NPAsource.com announced its debut in the Middle-east with opening an office in Dubai. Promoted by Atishya Technologies Pvt. Ltd., NPAsource.com is a first-of-its-kind initiative to manage and resolve Non-Performing Assets (NPAs) in India as well as World to benefit lenders, borrowers as well as investors.
Established and head quartered in Ahmadabad a year ago, NPAsource.com has been considerably successful with approximately $2 billion worth of Indian NPA data listed on its site in a short span of time. The services of the portal help banks have a faster recovery process and a diversity of options. For investors who want to buy NPAs, the portal offers a trustworthy, seamless and direct approach to banks and FIs, with empanelled experts of the company facilitating deals.
"Post-economic downturn NPAs have surged across various global markets including Europe and the Middle-east. We are confident that our services will be a much sought after proposition in these markets," said Mr. Devendra Jain, Chairman and Managing Director of NPAsource.com. "We offer a global platform for banks and FIs to seek better valuations for its NPAs by opening up a worldwide buyer space," he added.
After an office in USA, expanding operations into Dubai was a strategic decision to enhance the role of NPAsource.com's services to a global market. This will act as springboard for the company to grow in the Middle-eastern markets. Moreover, it also plans to open an office in Singapore.
The portal has a subscriber base of 20,000, which includes banks, FIs and investors. Being a portal, NPAsource.com has an advantage of being free from geographical barriers. This helps banks and FIs to unlock the dormant value of their NPAs from buyers across various markets in the world.
The company promoted by Atishya Group based in Ahmadabad, has targeted to resolve NPAs and NPLs (non-performing loans) worth $1 billion in the coming years. It is anticipated that out of this a sizeable chunk of business will be sourced from the Middle East region.
