The National Asset Reconstruction Co ( NARCL) has submitted binding offers for two distressed assets, including Jaypee Cement Corp. The other asset is a toll road entity of Anil Ambani's Reliance Infra.
For the Salem-Ulundurpet toll road, NARCL has offered ₹280 crore against total debt of about ₹600 crore. The bid for Jaypee Cement stands at ₹270 crore against outstanding debt of ₹2,200 crore. Dalmia Bharat had earlier shown interest in acquiring Jaypee's cement assets.
NARCL is betting on improved recovery prospects through a resolution or potential sale.
Jaypee Cement is a subsidiary of Jaypee Associates, once a major property and infrastructure company owning substantial assets in Noida and Greater Noida suburbs of the NCR.
These bids are in a 15:85 structure where 15% is paid in cash and remaining in security receipts. NARCL acquires 15% of the value of accounts upfront in cash, while the remaining is issued to the selling banks as Security Receipts (SRs) for which the government has provided a sovereign guarantee.
The toll project, which is a 136-km highway connecting NH-68 to key Tamil Nadu corridors was scheduled to be operational by January 2011 but achieved full commissioning only by August 2013. However, it got delayed leading to financial pressures.
JCCL, a wholly owned unit of Jaiprakash Associates, operates a 1.2 MTPA cement grinding unit and a 60 MW captive power plant in Shahabad, Karnataka, while another 1.2 MTPA capacity remains suspended. In December 2022, Dalmia Cement (Bharat) signed a ₹5,666 crore binding agreement to acquire key cement, clinker, and power assets from Jaypee Group across three states. However, the deal has been delayed due to pending regulatory approvals and legal hurdles.
In March a 25-bank consortium led by SBI transferred ₹12,700 crore of JAL's stressed loans to NARCL. JAL is under CIRP process for in-court resolution and five bidders including Adani and Dalmia have shown interest in acquiring the asset. As of March 31, 2025, NARCL had managed ₹1.6 lakh crore in debt with ₹29,000 crore of assets under management.
For the Salem-Ulundurpet toll road, NARCL has offered ₹280 crore against total debt of about ₹600 crore. The bid for Jaypee Cement stands at ₹270 crore against outstanding debt of ₹2,200 crore. Dalmia Bharat had earlier shown interest in acquiring Jaypee's cement assets.
NARCL is betting on improved recovery prospects through a resolution or potential sale.
Jaypee Cement is a subsidiary of Jaypee Associates, once a major property and infrastructure company owning substantial assets in Noida and Greater Noida suburbs of the NCR.
These bids are in a 15:85 structure where 15% is paid in cash and remaining in security receipts. NARCL acquires 15% of the value of accounts upfront in cash, while the remaining is issued to the selling banks as Security Receipts (SRs) for which the government has provided a sovereign guarantee.
The toll project, which is a 136-km highway connecting NH-68 to key Tamil Nadu corridors was scheduled to be operational by January 2011 but achieved full commissioning only by August 2013. However, it got delayed leading to financial pressures.
JCCL, a wholly owned unit of Jaiprakash Associates, operates a 1.2 MTPA cement grinding unit and a 60 MW captive power plant in Shahabad, Karnataka, while another 1.2 MTPA capacity remains suspended. In December 2022, Dalmia Cement (Bharat) signed a ₹5,666 crore binding agreement to acquire key cement, clinker, and power assets from Jaypee Group across three states. However, the deal has been delayed due to pending regulatory approvals and legal hurdles.
In March a 25-bank consortium led by SBI transferred ₹12,700 crore of JAL's stressed loans to NARCL. JAL is under CIRP process for in-court resolution and five bidders including Adani and Dalmia have shown interest in acquiring the asset. As of March 31, 2025, NARCL had managed ₹1.6 lakh crore in debt with ₹29,000 crore of assets under management.
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