Press Trust of India
Suraksha Group has infused Rs 250 crore in Jaypee Infratech after acquiring it through insolvency process and has also arranged a Rs 3000 Crore loan facility, as it gears up to complete around 20,000 unfinished flats in Delhi NCR.
Around Rs.1000 crore cash is lying in the balance sheet of the Jaypee Infratech Ltd, which the bankrupt company has accumulated from real estate business and toll income of Yamuna Expressway that connects Greater Noida and Agra.
According to sources, Suraksha Group has infused Rs 250 Crore in Jaypee Infratech Ltd (JIL) as equity and debt after taking control of the latter in early June.
JIL currently has Rs 1,250 crore fund, including Rs 1,000 crore internal cash and Rs 250 crore infusion from Suraksha Group.
That apart, Suraksha Group has also arranged a credit line of Rs. 3,000 crore to ensure that there is no paucity of funds for completion of all stalled projects, they added.
Sources said the Suraksha Group will require Rs 6,500 – 7,000 crore investment to complete nearly 160 residential towers across various projects.
Out of these towers, the construction work was going on in only 62 towers before the takeover of Suraksha Group, while activities on the remaining 97 towers were completely stalled.
Sources said the Suraksha Group has accelerated the pace of construction in the 62 towers and is also applying for completion certificates for the completed buildings.
Out of the 97 stalled towers, the Group has already awarded contracts for 41 towers to many construction companies and will soon give work orders for the remaining 56 towers.
Sources said construction activities are expected to be in the full swing by October.
Earlier, after taking over the debt-ridden Jaypee Infratech Limited in June, Suraksha Group, a Mumbai-based developer is all set to align work on the project. The company resumed construction of nearly 41 towers out of 97 at the stalled Jaypee Wishtown project in Noida.
