Jaiprakash Associates seeks permission to sell Yamuna Expressway’s toll assets TO...

Jaiprakash Associates seeks permission to sell Yamuna Expressway’s toll assets

TO ADDRESS THE APEX COURT’S SEPTEMBER 11 DECISION TO DEPOSIT RS 2,000 CRORES TO PROTECT THE INTERESTS OF HOMEBUYERS, JAL SEEKS PERMISSION TO SELL ITS TOLL ASSET OF THE YAMUNA EXPRESSWAY
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Jaiprakash Associates
JAL looks to sell its toll asset of the Yamuna Expressway

Jaiprakash Associates (JAL) has sought the Supreme Court’s permission to sell Yamuna Expressway’s toll asset rights to pay off its subsidiary Jaypee Infratech’s liabilities.

The group aims to generate Rs 2,000 Crores from the sell off to address liabilities worth Rs 32,000 Crores towards homebuyers.

While submitting the proposal, senior counsel Kapil Sibal told a bench led by Chief Justice Dipak Misra that Jaypee Infratech needs approval to “hive off its operation, collection and maintenance rights for a limited period” to raise the funds. He said the group has a “concrete offer” from a prospective buyer who is willing to pay Rs 2,500 crore for the expressway.

Read Also – Yamuna Expressway India’s Largest Concrete Road Project

Jaypee’s licence to operate and maintain the 165-km, six-lane expressway connecting Noida with Agra extends upto 2050, and according to inputs, generates Rs 200 Crores per year.

Pic – http://www.jalindia.com/data/images/toll_plaza_on_yamuna_expressway_at_mathura-2.jpg

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