ICICI Bank looking to attach Gitanjali's brands, assets to recover Rs 800 crore, says report

Private lender ICICI Bank is looking to attach various brands and assets of Mehul Choksi promoted Gitanjali Gems to recover over Rs 800 crore, reported The Times of India.

According to the report, ICICI Bank, which was the lead banker to Gitanjali Gems is trying for the attachment of properties under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act.

The assets that the bank is planning to attach include the brands Gili, Sangini;  Asmi owned by Gili India and Nakshatra Brands, the report said.

Additionally, real estate assets such as land at Panvel, special economic zone (SEZ) properties at Nashik and Hyderabad, offices at the Bandra Kurla Complex and Seepz SEZ too are also being watched, the report said. However, there was no comments from the bank in the report.

With Gitanjali Gems claiming that the combined value of the brands Gili, Nakshatra, D’damas and Asmi to be around Rs 1,500 crore, it will be interesting how future bidding will turn out in case of attachment.