Jaiprakash Associates has entered into a settlement agreement with ICICI Bank and will transfer over 18.93 crore shares to ICICI Bank to clear part of the outstanding loan. ICICI bank has an exposure of around Rs 3,000 crore in Jaiprakash Associates, which is into many businesses including cement, construction, hotels and real estate.
Jaiprakash Associates (JAL) is the engineering and construction arm of the Jaypee group focused on development of river valley and hydro electric projects and a leader in construction of river valley and hydropower projects on turnkey basis for more than four decades.
