Jaypee Group taps global credit funds for Rs 10k crore to bail out flagship firm
Facing financial distress, Jaypee Group is seeking ₹10,000 crore in high-cost financing from global credit funds such as Varde Partners, Ares, Cerberus, and Hillhouse to rescue its flagship company, Jaiprakash Associates Limited (JAL), from insolvency. JAL was admitted for insolvency on June 3 by the NCLT following a petition by ICICI Bank. Key issues include disputes with land authorities and principal repayments due in 2037. The company plans to refinance loans and sell assets, including real estate, cement plants, and a Formula One racetrack.
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