New Delhi, Jun 29 (UNI) The leading private sector bank ICICI today announced that a consortium of banks led by it has concluded the largest asset resolution in the country with the sale of cement business of Jaiprakash Associates Ltd (JAL) and Jaypee Cement Corporation Ltd (JCCL) to UltraTech Cement Ltd. This transaction is valued at Rs 16,189-crore. With this sale, part of the debt of JAL and JCCL has been transferred from a stressed account to a AAA rated company, India’s largest private sector bank said in a statement. Chanda Kochhar, MD & CEO, ICICI Bank, said, 'I welcome the completion of the sale of the cement business of Jaiprakash Associates Ltd (JAL) and Jaypee Cement Corporation Ltd (JCCL) to UltraTech Cement Ltd.' She said, 'This is the largest asset resolution in the country so far and I hope that this landmark transaction will pave the way for more such resolutions. It is also heartening to note that this is the largest transaction in India’s cement industry, thus far.' On the other hand, JP Associates in a statement said, 'The committee of directors of Jaiprakash Associates has today approved the closing of the transaction as per the definitive agreement dated March 31, 2016 with Ultratech Cement for sale of part of its cement business.' The part of cement unit has been sold at an enterprise value of Rs 16,189-crore, besides the grinding unit which is currently under implementation in Uttar Pradesh. The company will also get additional amount of Rs 470-crore by Ultratech for this transaction. These cement plants were spread over the states of Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh. Proceeds from this deal is expected to help Jaiprakash Associates in reducing its debt by approximately Rs 14,000-crore, including the repayment of its loan to its bankers and also part payment to the holders of Foreign Currency Convertible Bonds. UNI ADP AE SNU 1652