In one of the largest asset resolution in the country so far, an ICICI Bank-led consortium of banks has concluded the sale process of the debt-ridden Jaiprakash Associates (JAL) and Jaypee Cement Corporation (JCCL) to UltraTech Cement. The decision to sell the cement business to reduce JAL and JCCL’s debt was taken more than a year ago.
ICICI Securities was then appointed to manage the sale process. The transaction was valued at Rs 16,189 crore. It is the largest transaction in India’s cement industry, thus far.
