Suraksha Group allocates 2,552 acre for Jaypee Infratech lenders in NCR

02 Sep 2024 CW Team

Suraksha Group, which acquired Jaypee Infratech (JIL) through an insolvency process, has identified 2,552 acre of land parcels for the lenders of the bankrupt real estate firm as part of its resolution plan. On June 4, Suraksha Group took control of JIL after the National Company Law Appellate Tribunal (NCLAT) upheld its bid to acquire JIL on May 24 and formed a new board.

Sources indicated that Suraksha Group has allocated 2,372 acre of land for assenting lenders and an additional 180 acre specifically for ICICI. The group appointed the real estate consultant CBRE to assist in the land identification process. JIL owned approximately 6,250 acre of land in the Delhi-NCR region and surrounding areas.

In its resolution plan, which received approval from the National Company Law Tribunal (NCLT) in March of the previous year, Suraksha Group proposed offering more than 2,500 acres of land to bankers to partly settle their dues.

Sources also revealed that over the past three months, Suraksha Group has injected Rs 1.25 billion as equity and another Rs 1.25 billion as debt into Jaypee Infratech. Additionally, the group has secured a loan facility of Rs 30 billion as it prepares to complete around 20,000 unfinished flats in the Delhi-NCR region.

Furthermore, approximately Rs 10 billion in cash is currently held in JIL's balance sheet, accumulated from its real estate business and toll income from the Yamuna Expressway, which connects Greater Noida and Agra. This brings the total available cash in JIL to Rs 12.50 billion.

Suraksha Group will need an investment of Rs 65-70 billion to finish nearly 160 residential towers across various projects. Before Suraksha Group's takeover, construction was ongoing in only 62 towers, while work on the remaining 97 towers had come to a complete halt.

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