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ICICI Bank Ltd To Sell Mumbai's Prabhadevi Property For INR100 Crore (INR1 Billion)-The Economic Times

Monday, 12 Aug 2013 06:33pm EDT 

The Economic Times reported that ICICI Bank Ltd is set to sell one of the residential buildings in central Mumbai's Prabhadevi for about INR100 crore (INR1 billion), in line with the strategy of the bank to offer executives compensation for rent instead of accommodation as part of their annual package. The bank has already identified a prospective buyer and the deal is likely to be concluded within two weeks, persons familiar with the matter said. The six-storey building, known as ICICI Apartments, is spread over nearly half an acre on Cadell Road. 

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