NBCC gets Rs 2,000 cr credit line from HUDCO for Jaypee acquisition
Real Estate

NBCC gets Rs 2,000 cr credit line from HUDCO for Jaypee acquisition

Housing and Urban Development Corporation ( HUDCO) has approved a Rs 2,000 crore credit line to NBCC for acquiring bankrupt Jaypee Infratech (JIL).

NBCC submitted its revised bid to HUDCO on 22 May, with approval from the Ministry of Housing and Urban Affairs (MoHUA). According to the letter received to HUDCO, NCBB requested an LoC for sponsoring Rs 2,000 crore as per its requirement in its revised plan, a source said.

HUDCO approved the NCBB request on Monday, May 24. It informed the PSU that the final approval will depend on submitting a detailed evaluation of its bid and getting it approved by the board of directors, HUDCO said.

According to a senior government official, the procedure is just formalities. HUDCO has already approved the loan. The proposal of NBCC is backed by the MoHUA. They should not have any issue once the revised bid is approved by the JIL's CoC.

On Wednesday, a letter by NBCC to JIL's interim resolution professional (IRP), Anuj Jain, reads that if the lender's panel decides to get the revised bid later this week, the company will submit it, after taking into consideration the observations made by Anuj.

NBCC and the consortium conducted by Suraksha Realty are the two determined applicants who are struggling for more than a year to get the money stated by the real estate builders that went to the Corporate Insolvency Resolution Process (CIRP) back in August 2017.

On Monday, JIL's CoC decided to vote on May 27-28 whether NBCC and Suraksha Realty should provide a week to submit their revised bids. Thursday was the first day of voting concerning this and ended on Friday.

Image Source


Also read: Jaypee Infratech acquisition: NBCC, Suraksha to submit revised bids

Also read: Jaypee Infratech acquisition: Suraksha objects to bid submission extension

Housing and Urban Development Corporation ( HUDCO) has approved a Rs 2,000 crore credit line to NBCC for acquiring bankrupt Jaypee Infratech (JIL). NBCC submitted its revised bid to HUDCO on 22 May, with approval from the Ministry of Housing and Urban Affairs (MoHUA). According to the letter received to HUDCO, NCBB requested an LoC for sponsoring Rs 2,000 crore as per its requirement in its revised plan, a source said. HUDCO approved the NCBB request on Monday, May 24. It informed the PSU that the final approval will depend on submitting a detailed evaluation of its bid and getting it approved by the board of directors, HUDCO said. According to a senior government official, the procedure is just formalities. HUDCO has already approved the loan. The proposal of NBCC is backed by the MoHUA. They should not have any issue once the revised bid is approved by the JIL's CoC. On Wednesday, a letter by NBCC to JIL's interim resolution professional (IRP), Anuj Jain, reads that if the lender's panel decides to get the revised bid later this week, the company will submit it, after taking into consideration the observations made by Anuj. NBCC and the consortium conducted by Suraksha Realty are the two determined applicants who are struggling for more than a year to get the money stated by the real estate builders that went to the Corporate Insolvency Resolution Process (CIRP) back in August 2017. On Monday, JIL's CoC decided to vote on May 27-28 whether NBCC and Suraksha Realty should provide a week to submit their revised bids. Thursday was the first day of voting concerning this and ended on Friday. Image Source Also read: Jaypee Infratech acquisition: NBCC, Suraksha to submit revised bids Also read: Jaypee Infratech acquisition: Suraksha objects to bid submission extension

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000