Jaypee Group defaults on Rs 4,460 cr debt, payments

Jaypee Group defaults on Rs 4,460 cr debt, payments
06/06/2016 , by , in ALLIED

Reflecting substantial financial stress, diversified Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore.

The Group has on a consolidated basis failed to repay Rs 2,905.6 crore in principal amount to banks and another Rs 1,558.93 crore crore in interest payments.

“Overdue principal repayment of loans borrowings … outstanding on March 31, 2016 wherein the period of delay ranges from 1 day to 269 days” include debt of Rs 2,183.17 crore on Jaiprakash Associates Rs 688.48 crore on Jaiprakash Power Ventures and Rs 33.95 crore on Jaypee Cement, as per latest disclosures.

As far as overdue interest in borrowings is concerned, it includes Rs 837.45 crore dues on Jaiprakash Associates, Rs 152.18 crore on Jaiprakash Power Ventures and Rs 63.13 crore on Jaypee Cement Corporation , according to figures disclosed by Jaiprakash Associates to the exchanges.

Besides overdue interest included Rs 193.08 crore on Jaypee Infratech, Rs 3.01 crore on Jaypee Agra Vikas Ltd, Rs 308.66 crore on Prayagraj Power Generation Ltd, Rs 0.75 lakh on Madhya Pradesh Jaypee Minerals Ltd and Rs 0.67 lakh on Bhilai Jaypee Cement.

Jaiprakash Associates, the group’s flagship company, saw its net loss widen to Rs 3,345 crore in the last fiscal on a consolidated basis. In 2014-15, the same stood at Rs 1,735.10 crore.

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