Monday , October 25 2021

NBCC submits bid to acquire Jaypee Infratech

NBCC (India) has submitted its bid to acquire bankruptcy-bound Jaypee Infratech, by offering lenders 1,426-acre land instead of 950 acres earlier and also providing half of 3,000 benami flats to them.

The company has offered 75 percent of 858-acre land which is expected to be transferred back to Jaypee Infratech from the parent company Jaiprakash Associates. NBCC will infuse Rs 120 crore as equity capital and transfer the Yamuna Expressway that connects Noida and Agra to bankers along with concessional right, adding that flats to over 20,000 distressed home buyers will be delivered over the next four years.

NBCC (India) is one of the few public sector companies engaged in the business of project management consultancy services for civil construction projects (PMC), civil infrastructure for power sector and real estate development.

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