ICICI arm, Jaypee end $800 Mn deal

Printer Print Email Email
New Delhi: As a result of costly valuations and adverse market conditions, ICICI Venture and Jaypee Infratech have terminated talks with regard to the former's buying of around 10 to 15 percent stake for $800 million in the infrastructure company.

"ICICI Venture is not investing in Jaypee Infratech. We were looking at getting a strategic investor in the firm, but have put our plan on hold for now," Jaiprakash Associates (JAL) executive chairman Manoj Gaur said.

The plan envisaged investors acquiring 44 percent stake in Jaypee Infratech through allotment of new shares.

For now JAL plans to invest up to Rs 440 crore to acquire 44 crore equity shares of Rs 10 each at par. The additional shares are originally meant for strategic investors, Gaur said, adding, "Since the strategic investment has been put on hold, JAL has initiated action to subscribe to these shares."

JAL had floated Jaypee Infratech last year to execute the 165-km long Taj Expressway project linking Noida and Agra. Gaur estimates this project to be worth Rs 1 lakh crore.

The Pentagon has selected Microsoft and Amazon Web Services (AWS, the cloud computing arm ..
US Indian
Facebook-owned photo messaging app Instagram has launched the beta version of its in-app sh..
The Reserve Bank of India injected a total liquidity of Rs 2.98 lakh crore in the market in 20..
Wiley, a global leader in research and education has announced a series of blended learning progr..
Google Pixel and OnePlus smartphones are catching up and giving stiff competition to Samsu..
Enterprise IT
Taking on streaming giants like Netflix and Hulu, Walt Disney Co. has announced it will laun..
Startup City
Youth are leading India's start-up ecosystem where the median age of founder-entrepreneurs..
"Game of Thrones" author George R.R. Martin doesn't want season eight to be the final chapter of "..
Facebook-owned messaging app WhatsApp is still developing its previously announced "Vacatio..