ICICI Bank concludes largest asset resolution

Tribune News Service

Advertisement

New Delhi, June 29

A consortium of banks led by ICICI Bank has concluded the largest asset resolution in the country with the sale of cement business of Jaiprakash Associates to UltraTech Cement.

Today the sale process of the cement business of Jaiprakash Associates Ltd. (JAL) and Jaypee Cement Corporation Limited (JCCL) to UltraTech Cement Ltd. has been concluded. This transaction is valued at Rs 16,189 crore. With this sale, part of the debt of JAL and JCCL has been transferred from a stressed account to a AAA rated company.

Chanda Kochhar, MD & CEO, ICICI Bank, said, “This is the largest asset resolution in the country so far and I hope this landmark transaction will pave the way for more such resolutions. It is also heartening to note that this is the largest transaction in India’s cement industry, thus far”.

Jaypee-UltraTech deal 

• The sale process of the cement business of Jaiprakash Associates Ltd. (JAL) and Jaypee Cement Corporation Limited (JCCL) to UltraTech Cement has been concluded. This transaction is valued at Rs 16,189 crore
• With this sale, part of the debt of JAL and JCCL has been transferred from a stressed account to a AAA-rated company