Companies

ICICI Bank may shed stake in VA Tech Wabag

PTI Chennai | Updated on May 27, 2011

The country’s largest private sector lender ICICI Bank, which holds a minimal share in water treatment player VA Tech Wabag Ltd, is likely to sell off its shares over the next few months, a top company official has said.

ICICI Bank through its firm ICICI Venture currently has a minimal share in the Chennai-headquartered VA Tech Wabag which reported a topline revenue of Rs 509.9 crore as of March this year.

“Today ICICI Bank has less than five per cent in the company’s share,” the VA Tech Wabag Managing Director, Mr Rajiv Mittal, told reporters here today.

Asked on whether ICICI Bank would sell the shares to VA Tech Wabag itself, he said: “They (ICICI) can sell it to anybody. There is no compulsion to sell it to us.”

Published on May 27, 2011

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