Baring Private Equity Asia, which had proposed to buy ICICI Home Finance, has shelved the plan. The PE company had announced that it is planning to acquire ICICI Home Finance in partnership with India Value Fund Advisors. According to news reports, IVFA is now in talks with other partners and investors and also US PE firm TPG to make an offer for the firm. TPG had made an offer for ICICI Home Finance earlier. Baring and IVFA had joined hands to offer Rs 2,300 crore for 65% and 35% stake respectively in the company, the reports said. The reports also mentioned the high profile exit of Rajeev Sabharwal, ED, from ICICI Bank and his possible joining IVFA as a partner. The issue got complicated, the reports said, with ICICI Bank not willing to release him for one year citing conflict of interest in his proposed role in IVFA. There were other issues as well in the deal like the bad debts of the home finance company.
