Lenders to the Delhi-based Jaypee Group said on Monday that the Gaur family-promoted infrastructure group was taking steps to reduce leverage in its power projects.
Representatives of about 30 lenders, including IDBI Bank and State Bank of India, had a detailed review meeting on the issue.
Jaypee Power Ventures and JP Associates together had net debt of just over Rs 97,000 crore at the end of March 2014, according to Capitaline data, compiled by the Business Standard Research Bureau.
“There could be a delay of one or two months in finalising deals (for asset sales) due to market conditions. But the intent is clear and they're doing efforts to manage things,” said the head of corporate banking with a large public sector bank.
In September, JSW Energy and Jaiprakash Power Ventures announced a deal or the full acquisition by the former of three operational plants of the latter — the 300 Mw Baspa-II hydro electric unit, the 1,091 Mw Karcham Wangtoo hydro electric unit and the 500 Mw Bina thermal power unit.
Last year, the group had sold its cement unit to UltraTech Cement. It sold Jaypee Cement Corporation, a subsidiary of Jaiprakash Associates, for Rs 3,800 crore.
