NBCC may sweeten Jaypee Infra bid, but not to banks’ taste

New Delhi: State-run NBCC (India) is likely to sweeten its bid to acquire the insolvent Jaypee Infra-tech Ltd (JIL) and may enhance the offering from its current 1,428 acres, but sources say, it will not give out as much land as sought by the lenders.

People in the know said that the lenders have asked NBCC, formerly known as National Buildings Construction Corporation Ltd, to offer 1,903 acres. Also, in the meeting of the Committee of Creditors (CoC) held here on Thursday, the financial creditors of JIL asked the public sector enterprise to offer a debt-free Yamuna Expressway, but according to sources, NBCC would not oblige them on this count.

As per NBCC’s resolution plan, it would transfer Yamuna Expressway to the lenders, prior to which it would take a debt of around Rs 2,500 crore for completion of the stalled projects.

“NBCC would only increase the land offered to the lenders, but cannot relent on the demand for a debt-free (Yamuna) Expressway, as the loan would be required to complete the flats,” an official source said.

NBCC has already enhanced its land offering to the lenders to 1,426 acres worth Rs 5,001 crore, from 950 acres in its previous bid. The land offered includes 760 acres in Agra and 666 acres in Tappal, Uttar-Pradesh. (IANS)

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