ICICI Bank To Benefit By JP Associates Cement Unit Sale: Jefferies

Chennai: US-based investment banking firm Jefferies said the decision of Jaiprakash Associates to sell off its cement plants to Ultratech will be beneficial to ICICI Bank.

In a report, Jefferies said ICICI Bank could see improvement in its Rs 66.4 billion under watchlist exposure towards the cement sector.

Jefferies also said it was delighted that ICICI Bank has decided to clean up the balance sheet by selling Rs 16 billion term loans give to Essar Steel to Edelweiss Asset Reconstruction Company.

The investment banking firm said ICICI Bank’s decision and also State Bank of India’s (SBI) decision to undertake Scheme for Sustainable Structuring of Stressed Assets are sentiment positive for both the banks.