India-based infrastructure conglomerate Jaypee Group defaulted on its debt and certain other payments, including that on debt, worth INR 44,600m ($661m).
The conglomerate owes INR 29,056m to banks and INR 15,589m in interest payments.
Bank debt, interest payments and other payments owed by Jaypee Group’s subsidiaries is as follows:
- Jaiprakash Associates owed debt of INR 21,831m, INR 8,374m in interest payments
- Jaiprakash Power Ventures owed debt of INR 6,884m, INR 1,521m in interest payments
- Jaypee Cement owed debt of INR 339m of debt, INR 631m in interest payments
Additionally, overdue interest included INR 1,930m on Jaypee Infratech, INR 30m on Jaypee Agra Vikas Ltd, INR 3,086m on Prayagraj Power Generation Ltd, INR 7m on Madhya Pradesh Jaypee Minerals Ltd and INR 6m on Bhilai Jaypee Cement, all of which are Jaypee Group’s subsidiaries.
In order to lower its debt burden, the company divested certain of its cement assets and hydro-power assets to raise c.INR 190,000m ($2.8bn) earlier this year.
Source: Economic Times