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News Jaiprakash Associates defaults on US$553m loans

Jaiprakash Associates defaults on US$553m loans

Written by Global Cement staff 08 May 2024
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India: Jaiprakash Associates has defaulted on loans worth US$553m, including principal of US$210m and interest payments of US$343m. The Deccan Chronicle newspaper has reported that the producer has total borrowings of US$3.57bn, repayable by 2037. The borrowings are comprised of fund-based working capital, non-fund-based working capital, term loans and foreign currency convertible bonds.

Jaiprakash Associates will now transfer US$2.27bn to a special purpose vehicle as part of a scheme of arrangement, subject to the approval of the National Company Law Tribunal.

Published in Global Cement News
Tagged under
  • India
  • Jaiprakash Associates
  • corporate
  • GCW658
  • Loan
  • default
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