ICICI Bank, the country’s largest private sector bank, has taken over around 275 acres of land parcel, estimated to be worth Rs1500-1800 crore from Jaiprakash Associates (JAL). The transaction will help reduce the bank's exposure to the company and also lessen JAL's debt servicing obligation to a more manageable level. The bank’s total exposure to the company was Rs 6600 crore at the end of March 2015. Of the total 275 acres that ICICI Bank has acquired, 250 acres are on the Yamuna Expressway, while 20 acres are in the Jaypee Sports City in Greater Noida. The remaining 4-5 acres are in the prime Jaypee Wish Town on the Noida-Greater Noida Expressway.
ICICI Bank is India's largest private sector bank with consolidated total assets of $ 132.17 billion at March 31, 2015. The Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms.
