August 21, 2017 / 6:44 AM / a year ago

BRIEF-ICICI Bank says Essar-Rosneft deal lowers bank's exposure to Essar Group by 50 pct‍​

Aug 21 (Reuters) - ICICI Bank Ltd:

* CEO says Essar-Rosneft deal reduces ICICI Bank’s exposure to the Essar Group by about 50 pct‍​ Source text: [Ms. Chanda Kochhar, MD & CEO, ICICI Bank said, “We welcome the acquisition of Essar Oil by the Rosneft-led consortium. ICICI Bank has played a key role through the entire process of completion of the transaction since it was announced in October last year. I am delighted to note that the entire ecosystem including the government, regulators, banks and various authorities worked together to complete the deal which is also the largest ever foreign acquisition of an Indian company. The deal also underscores the keenness of foreign investors to enter India, the fastest growing large economy in the world. This transaction reduces ICICI Bank’s exposure to the Essar Group by about 50%.”] Further company coverage:

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