NBCC enters race to buy Jaypee Infra
Public sector construction company NBCC has entered the fray to buy insolvency-hit Jaypee Infratech, which is yet to deliver nearly 25,000 apartments, villas and plots in Noida and Greater Noida. The firm is among five players in the race, the others being L&T, Suraksha Asset Restructuring Company, Kotak group and highway developer ICUBE.
NBCC is the only new player to have come into the picture after the resolution professional invited expressions of interest for Jaypee Infratech, which includes land parcels, the Taj Expressway and Jaypee Hospital.
This is the second time that the resolution process has been initiated after lenders rejected the solo bid from Suraksha ARC, arguing that it was below the reserve price.
Sources told that NBCC is keen to build affordable houses on these land parcels. “This will be a viable proposition considering good connectivity due to the expressway and the upcoming airport at Jewar,” an executive said.