Subhiksha revival: No issues with ICICI, says Premji

Azim Premji-promoted private investment firm PremjiInvest today said it has no differences with ICICI Venture over its stake purchase in Subhiksha Trading Services (STSL), and the duo along with other banks were working together to revive the troubled retailer.

"We are working together with all the banks and ICICI Venture to successfully complete the corporate debt restructuring programme and revive Subhiksha," PremjiInvest Director S P Mustafa told PTI.

Zash Investments, a part of PremjiInvest, had bought a 10 per cent stake in STSL for Rs 230 crore from ICICI Venture in October last year.

While ICICI Venture did not respond to queries about the reported differences between it and PremjiInvest, STSL Managing Director R Subramanian refused to comment on the issue.

"We are not in a position to comment on any claimed differences between shareholders as these are private matters between them and have not been brought to our notice," Subramanian said.

Any such incident (if any) would have no effect on the ongoing corporate debt restructuring (CDR) process in STSL, he added.