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News Jaiprakash Associates seeking to sell all assets

Jaiprakash Associates seeking to sell all assets

Written by Global Cement staff 30 September 2022
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India: Jaypee Group subsidiary Jaiprakash Associates is reportedly seeking to sell its remaining assets after receiving a new insolvency bid from State Bank of India. The Times of India newspaper has reported that the company has previously sold US$4.92bn-worth of assets to pay off debts.

Jaiprakash Associates chair and chief executive officer Manoj Gaur said "We have kept faith in the law of the land and helped maximise recoveries of the bank. The setback is due to circumstances and issues such as the UltraTech deal. Our intent is to clear all the dues.”

The producer failed to sell a cement plant to UltraTech Cement under a US$2.05bn, 21.2Mt/yr cement capacity deal in 2017.

Last modified on 05 October 2022
Published in Global Cement News
Tagged under
  • India
  • Jaypee Group
  • Jaiprakash Associates
  • Debts
  • Assets
  • Sale
  • State Bank of India
  • UltraTech Cement
  • Deal
  • Finance
  • GCW577
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