ICICI Bank on deal between Jaypee Group – UltraTech


icicibankbigAn ICICI Bank spokesperson said: “Jaypee Group in consultation with ICICI Bank has been selling various assets in its cement and power businesses to take care of its debt obligations. These sales have helped bring down the debt to some extent. ICICI Bank has actively worked with the management of Jaypee to sell its entire cement business and this business is now being sold to the Aditya Birla group. This sale will further bring down the level of debt in the Jaypee group significantly. ICICI Bank is also working with Jaypee Group to find solutions to further reduce the Debt burden in other ways.”