ICICI Arm Mulls Jaypee Stake Buy

ICICI Venture Funds Management Co. Ltd, the private equity arm of ICICI Bank Ltd, India''s second biggest lender, is planning to infuse about $800 million (Rs3,148 crore) to acquire a stake in Jaypee Infratech Ltd, a unit of the cement-to-construction conglomerate Jaypee Group. Mint couldn''t ascertain the size of the proposed stake. Jaiprakash Associates and ICICI Venture declined to comment.Jaypee Infratech is a fully-owned unit of the Jaypee Group and was floated to implement the Taj Expressway project, a 165km highway connecting the cities of Noida and Agra in Uttar Pradesh along the banks of the Yamuna river.