ICICI acquires stake in JP Infra for $800mn

ICICI Ventures has paid $800 million (Rs 3,200 crore) for stake in Delhi-based Jaypee Infratech. ICICI Ventures is paying $800 million to acquire about 5 per cent stake. This picking of stake is being done in a combination of equity and convertible debentures, which values the company at about $12-15 billion. Jaypee Infratech is a fully-owned subsidiary of the Jaypee Group and was set up to execute the 165-km Taj Expressway project, connecting the cities of Noida and Agra in Uttar Pradesh along the banks of the Yamuna river.