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Jaypee Group Told to Pay Rs 90-crore for Land on Yamuna Expressway

Last year, the company announced sale of its cement plants with a total capacity of 21.1 million tonnes per annum (MTPA) at an enterprise value of Rs 16,189 crore to the Aditya Birla Group firm Ultratech Cement.

PTI

Updated:April 13, 2017, 8:57 PM IST
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Jaypee Group Told to Pay Rs 90-crore for Land on Yamuna Expressway
Representative image.

New Delh: The Yamuna Expressway Industrial Development Authority (YEIDA) has directed Jaypee group to pay Rs 90 crore by April 15, or else it will cancel the 1,000 hectare land parcel allotted to it.

Jaypee group has developed sports city on some part of the total land parcel.

The group owes about Rs 600 crore to YEIDA and the company has been told to pay 15 per cent of the total amount, which is Rs 90 crore, according to sources.

The company has paid Rs 10 crore to YEIDA and has sought four months time to repay the total dues, sources said.

"If the company pays Rs 90 crore by April 15, then we will consider re-scheduling the repayment of outstanding amount," a source said, adding the authority would have to see whether any third-party right has been created on this land or not.

Besides Jaypee, the authority has sent letters to other builders as well to deposit 15 per cent of their outstanding dues, they added.

Jaypee group has been selling its assets to reduce debt.

Last year, the company announced sale of its cement plants with a total capacity of 21.1 million tonnes per annum (MTPA) at an enterprise value of Rs 16,189 crore to the Aditya Birla Group firm Ultratech Cement.

Last month, Jaiprakash Associates had said it has got the approval of National Company Law Tribunal (NCLT) for transfer of its cement plants to UltraTech Cement.

The deal will help the Jaypee Group firm to reduce debt, which runs into thousands of crores of rupees. The deal was subject to various regulatory approvals.

The group's cement operations have a total capacity of 17.2 million tonnes per annum (MTPA) spread across Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh.

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| Edited by: Nakshab Khan
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