Sale of cement units to Adani group a relief for Jaiprakash lenders

Lenders said they are still awaiting the resolution of a debt worth Rs 21,658 crore with Jaypee Infratech -- the real estate arm of the group

The sale of cement units by Jaiprakash Associates to the Adani group will provide partial relief to Indian lenders, which have an exposure of Rs 28,648 crore (until September this year) to the company and its various infrastructure projects.

Of this amount, the company has defaulted on Rs 3,798 crore, according to the company’s filing for the September quarter. The sale of its few cement units to the Adani group at an enterprise valuation of Rs 5,000 crore will help the company thwart a bankruptcy petition filed by ICICI Bank, one of its 32 lenders, but it will still have