Deepak Kochhar, founder of wind energy company NuPower Renewables, has been in the eye of a storm over his company’s relationship with Videocon group, which received a loan in 2012 from ICICI Bank, headed by his wife Chanda Kochhar. Videocon group, also a NuPower investor and financier, has now become a non-performing asset for lenders, including ICICI Bank.
ICICI Bank came out on Wednesday and Thursday to quash rumours of favouritism, nepotism and quid pro quo. The bank clarified that while Chanda Kochhar was on the credit committee, she was not the chairperson. Videocon Chairman Venugopal Dhoot said there was no impropriety in the deal.
Both Chanda and Deepak Kochhar were batchmates in Mumbai’s Jamnalal Bajaj Institute of Management Studies. Deepak, a self-described financial services professional, has kept a low profile over the years, except during his years at NuPower since 2008.
The proclaimed mission statement on NuPower’s website is: “To contribute to the energy security of India and combat climate change by actively participating towards India’s target of 160 GW of wind and solar power by 2022.” Read More…
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