The largest bad debt resolution in history was concluded with the sale of the cement business of JAL and its associate Jaypee Cement Corporation Limited to UltraTech Cement for Rs. 16, 189 crores.
With this deal, bad debts worth Rs 12,000 crore get transferred from a defaulting company to a triple A-rated company, helping banks bring down their NPAs.
“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,” said Chanda Kochhar, MD & CEO, ICICI Bank. “It is also heartening to note that this is the largest transaction in India’s cement industry, thus far.”