Closure of UltraTech-JP deal marks biggest resolution

ICICI BANK said that a lenders consortium led by it has concluded the biggest asset resolution in the country with the consummation of the Rs 16,189 crore takeover of Jaypee Cements by Ultratech.This is the largest asset resolution in the country so far.Bank said the transaction is significant because part of the debt of Jaiprakash Associates and Jaypee Cement has been transferred from a stressed account to AAA-rated new company.