ICICI borrowers advised on foreign loans by Chanda Kochhar's brother-in-law

Mumbai: Although, ICICI Bank CEO and MD Chanda Kochhar’s husband Deepak Kochhar’s transactions with Videocon promoter Venugopal Dhoot are under the scrutiny of investigative agencies, another potential conflict-of-interest link has surfaced, this time with a Singapore-based financial services company founded by Deepak Kochhar’s brother.

Avista Advisory, founded by Rajiv Kochhar, who is the brother-in-law of Chanda Kochhar, got the mandate to restructure foreign currency-denominated debt deals worth over 1.7 billion dollar of seven companies over the period of last six years. All these companies were borrowers of ICICI Bank at the same time.

Over the years Avista has evolved into a full-service investment bank offering a gamut of financial services ranging from merger and acquisitions and restructuring debt of Jaiprakash Associates, Jaiprakash Power Ventures, GTL Infrastructure, Suzlon, JSL and Videocon Group.

Avista was also involved in two transactions with Videocon Industries. First, when the group opted for reorganization and refinancing of FCCBs of $194 million in 2015 and later again worth $97 million in 2016.

According to reports, In 2017 Avista was appointed as a restructuring adviser for USD 110 million of foreign currency loans of Jaiprakash Associates. Some of its notable deals are Suzlon’s fund raising of $577 million through Foreign Currency Convertible Bonds.

According to Indian Express report, an ICICI Bank’s spokesperson said: “We would like to categorically state that ICICI Bank has never engaged Avista Advisory Group for any services at all. Your mail itself indicates that the said entity claims to be an advisor to various corporates. You may refer any query regarding Avista Advisory Group to the firm and its clients.”