NIFTY 50

Adani Group submits non-binding bid for Jaypee Infratech

Updated : May 28, 2019 10:49 PM IST

Adani Group has submitted a non-binding bid for Jaypee Infratech, sources told CNBC-TV18 on Tuesday, adding that the offer includes an upfront payment of Rs 500 crore and infusion of Rs 1,700 crore to complete projects for home buyers.

The offer includes Rs 23 crore payment to unsecured lenders and 1000 acres of land transfer to secured financial creditors.

This is much higher than what was offered by the NBCC. NBCC has reportedly offered an infusion of Rs 200 crore, transfer of 950 acres of land worth Rs 5,000 crore as well as Yamuna Expressway to lenders and completion of flats construction by July 2023 to clear the outstanding claim of Rs 23,723 crore of financial creditors.

However, it is yet to be known if the CoC will consider Adani's offer as the group had not participated in the bidding process.

The creditors' committee is set to begin voting on NBCC's resolution plan for the company on Friday.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV

recommended for you