Jaiprakash Associates defaults on Rs 2,897-cr payments to lenders

31 Mar 2022 , 02:40 PM

The default amount comprises overdues of Rs 1,544 crore in interest and Rs 1,353 crore in principal, according to the companys statement.

The company has defaulted on obligations such as fund-based working capital, non-fund-based working capital, term loans and FCCB.

In total, there are about 35 banks which have exposure to Jaiprakash Associates. Lenders include HDFC, ICICI Bank, Axis Bank, Bank of Maharashtra, Bank of lndia, Canara Bank, Bank of Baroda and Union Bank of lndia.

The company said its total financial indebtedness including short-term and long-term debt (in INR crore) on provisional basis stands at Rs 27,560 crore.

The Jaypee Group is a diversified infrastructure conglomerate with business interests in engineering & construction, cement, power, real estate, expressways, fertilizer, hospitality, healthcare, sports, information technology and education (not-for-profit).

Shares of Jaiprakash Associates were down 3.29% at Rs 8.53 on the BSE.

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