The ICICI Bank has withdrawn from the Chatterjee group-led consortium to buy Basell, the petrochemical giant that is the world's largest producer of polypropylene and Europe's largest maker of polyethylene.
On May 6, 'The Chatterjee Group' owned by Purnendu Chaterjee had signed a deal with Access Industries of the United States owned by Leonard Blavatnik and Winston Partners, the private equity investors to acquire Basell. ICICI Venture was to take part in this consortium pumping close to Rs 300 crore and the deal was slated to be completed by the middle of this year. However, ICICI has decided to pull out of the consortium as it found that the cross- border transaction was too risky for its size.
The ICICI Venture's pullout shall however not have negative effects on the deal as Merrill Lynch and Winston Partners have committed to invest both in debt and equity to settle the deal.
11-May-05 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}