ICICI Bank UK sues Assam Oil for $73.5 million

The High Court London heard on Tuesday that ICICI Bank UK Plc gave $63 million worth of loans to Assam Oil Company on December 21, 2007 in order to “help it proceed with its investment strategy”. Assam Oil, registered in England, is the holding company of Assam Company India (Assam India), registered in India, the first tea company in the world. Assam Oil owns 38% of Assam India and has no other business other than this shareholding.

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