/ UltraTech Cement Take Over Jaiiprakash Associates And Jaypee Cemant Corporation ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Friday, 30 June 2017

The sale of JAL (Jaiprakash Associated) and JCCL (Jaypee Cement Corporation Ldt) to UltraTech Cement for Rs 16,189cr is told by ICICI Bank. ICICI Bank said in its statement that the debt of JAL & JCCL has been transferred from a stressed account to AAA-rated Companies. Further added by Chanda Kochhar, MD & CEO that she welcomes the completion of the sale of the cement business of JAL & JCCL to Ultratech Cement, it is a leading bank which played a significant role in this sale process.

The debt of JAL is Rs 31,187cr, as its annual report of the 31 March 2016 which has a large part move out of the company. A subsidiary of JAL, lenders of Jaypee Infratech admitted as National Company law tribunal to invoke the insolvency and bankruptcy code.

Kochhar added, she hopes this landmark transaction will pave the way for more such resolution and this is the largest asset resolution in the country so far. ICICI securities were appointed to manage the sale, the decision to sell the cement business was taken more than a year ago to reduce the JAL & JCCL’d debt.

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