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NBCC & Suraksha Group bid to acquire beleaguered Jaypee Infratech in UP

Infra News - Published on Tue, 19 Feb 2019

Image Source: Times of India
ET reported that state-owned NBCC Ltd has placed a bid to acquire beleaguered realty developer Jaypee Infratech and complete its stalled housing projects in Noida, Uttar Pradesh. Apart from NBCC, the other bid has been made by Suraksha Group, said two persons familiar with development. In a regulatory filing, NBCC NBCC said it has submitted the bid to Interim Resolution Professional Anuj Jain. One of the persons mentioned above said that “NBCC is aiming to complete the stuck projects in 3-4 years.”

NBCC Chairman and Managing Director Mr Anoop Kumar Mittal declined to comment on details of the company’s bid. However, added that the company is interested in acquiring Jaypee Infratech and complete over 20,000 housing units.

According to him, NBCC’s resolution plan will be beneficial for all stakeholders, including banks, home buyers and the company itself.

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Posted By : Rabi Wangkhem on Tue, 19 Feb 2019
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