Today the sale process of the cement business of Jaiprakash Associates (JAL) and Jaypee Cement Corporation (JCCL) to UltraTech Cement has been concluded. This transaction is valued at Rs 161.89 bilion.
 
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, ''I welcome the completion of the sale of the cement business of Jaiprakash Associates Ltd. (JAL) and Jaypee Cement Corporation Limited (JCCL) to UltraTech Cement Ltd. ICICI Bank, as the lead bank, has played a significant role in this sale process. This is the largest asset resolution in the country so far and I hope that 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.
 
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. ICICI Bank has played a significant role through this entire process, enabling successful completion of this transaction.''

Shares of the bank gained Rs 2.75, or 0.95%, to settle at Rs 293.70. The total volume of shares traded was 506,203 at the BSE (Thursday).