Jaypee All Set To Quit On Agra-Bound Yamuna Expressway
The debt-laden group is looking to cash in on the lucrative expressway project in Greater Noida.
Jaypee Group may have made Greater Noida into a fortress with the Yamuna Expressway but alls not well with the conglomerate. According to LiveMint, Jaypee group is in talks to sell its entire holding in the 165-km Yamuna Expressway project.
After a year-long effort to sell a partial stake in the asset failed to materialise, multiple people were quoted saying in the report.
The group is said to have debt over Rs 61,000 crore across their verticals; Jayprakash Power Ventures Ltd., Jayprakash Associates Ltd. and Jaypee Infratech Ltd.
The sale of Yamuna Expressway,which is estimated to be valued at Rs 12,000 crore will go a long way in helping Jaypee Group to pay off its debts which they have already defaulted.
The report has talked about names like infrastructure-focused funds IDFC Alternatives and I Squared Capital who’re keen on buying the six-lane toll-based project in Uttar Pradesh that connects Noida with Agra along the Yamuna river.
However, the interested parties are not keen on buying the Expressway for more than Rs 3,300 crore which is way less than Jaypee’s valuation of the project.
Both parties; seller and buyer involved have declined to comment on the possible deal that can take place in the near future.
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