JAYPEE GROUP (MANOJ GAUR)
The Jaypee group owned by Manoj Gaur owes the banks Rs. 75,000 crore while they have offered to sell the assets worth Rs. 24,000. According to the sources, Mr. Gaur has agreed to sell its 20mtpa of cement assets to Kumar Mangalam Birla-led Ultratech for Rs 15,900 crore. This will leave its listed entities with about 6mtpa of cement capacity, three thermal power plants, one hydropower plant, an expressway project and land parcels. The group is planning to sell all its assets at the right price but the getting the buyer is not easy. Aside from selling a stake in its land parcels and the Yamuna Express Highway, the group is looking to sell its remaining cement plants for Rs 4,000 crore and it’s Bina thermal power plant for Rs 3,500 crore. In the last year, the group has defaulted on payment obligations worth $350 million. Analysts say its capacity to service its debt has not improved, said the sources. — NEXT PAGE —-
