ICICI Bank and ICICI Venture Funds quit race for IL&FS arm

Mumbai: ICICI BankNSE 0.51 % and ICICI Venture Funds Management have pulled out of the race to buy the securities and private equity businesses of Infrastructure Leasing & Financial Services (IL&FS) due to a likely conflict of interest as the bank’s chairman GC Chaturvedi is also on the recast board of the debtladen financier, two people with direct knowledge of the development said.