Good news for 20,000 home buyers, Suraksha Group invests ₹ 250 crore in Jaypee Infratech, also raised loan
Real estate company Suraksha Group has invested Rs 250 crore in Jaypee Infratech after acquiring it through the insolvency process. The company has also secured a loan facility of Rs 3,000 crore to complete about 20,000 incomplete flats in Delhi-NCR. Jaypee Infratech Ltd has around Rs 1,000 crore in cash in its books, which the bankrupt company has accumulated from real estate business and toll income from the Yamuna Expressway connecting Greater Noida and Agra.
Suraksha Group has taken control of JP Infratech
According to sources, Suraksha Group has infused Rs 250 crore in the form of equity and debt after taking control of Jaypee Infratech Ltd (JIL) in early June. JIL currently has funds of Rs 1,250 crore, which includes internal cash of Rs 1,000 crore and investment of Rs 250 crore from Suraksha Group. Apart from this, Suraksha Group has also arranged a credit facility of Rs 3,000 crore to ensure that there is no shortage of funds to complete all the stalled projects, he said.
Investment of Rs 7,000 crore needed
Sources said the security group will require an investment of Rs 6,500-7,000 crore to complete around 160 residential towers across various projects. Before the acquisition of Suraksha Group in these towers, construction work was going on in only 62 towers, while the activities on the remaining 97 towers were completely halted. Sources said the security group has accelerated the pace of construction in 62 towers and applications are also being made for completion certificates for the completed buildings. Of the 97 completed towers, the group has already awarded contracts for 41 towers to several construction companies and work orders for the remaining 56 towers will be placed soon.
