ICICI Bank Loan Row: Deepak Kochhar’s Nupower Renewables Received Investments From Ravi Ruia’s Son-in-law’s Firm


ICICI Bank Loan Row: Deepak Kochhar’s Nupower Renewables Received Investments From Ravi Ruia’s Son-in-law’s Firm

If media reportage is anything to go by, ICICI Bank could just get dragged into another controversy.

The lender’s MD and CEO Chanda Kochhar’s husband Deepak-owned NuPower Renewables reportedly received investments worth Rs 325 crore, between 2010 and 2012, from a Mauritius-based company called Firstland Holdings.

Firstland is owned by Nishant Kanodia, who is the son-in-law of Essar group co-founder Ravi Ruia, according to a media report that cited records available with the Registrar of Companies (RoC).

Incidentally, ICICI Bank, in 2010, was the lead banker in a consortium of Indian banks that extended a $530 million loan to Essar Steel Minnesota LLC, reported The Indian Express. Read More

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