The Yamuna Expressway Industrial Development Authority (YEIDA) has asked Jaypee group to pay the outstanding Rs 600 crore by August against 1,000 hectare land parcel allotted to the company. Earlier, YEIDA had asked Jaypee group to pay 15 per cent of the total outstanding amount of Rs 600 crore by April 15. "We have given one month time to Jaypee group till May 15 to pay 15 per cent, which is Rs 90 crore. We have directed them to clear the remaining amount by August end," YEIDA CEO Arun Vir Singh told PTI. Jaypee group had paid only Rs 10 crore out of Rs 90 crore to YEIDA and had sought four months time to repay the total dues.
The group has developed sports city on some part of the total land parcel. Besides Jaypee, the authority has sent letters to other builders as well to deposit 15 per cent of their outstanding dues. Jaypee group has been selling its assets to reduce debt. Last year, the company announced sale of its cement plants with a total capacity of 21.1 million tonnes per annum (MTPA) at an enterprise value of Rs 16,189 crore to the Aditya Birla Group firm Ultratech Cement. Last month, Jaiprakash Associates had said it has got the approval of National Company Law Tribunal (NCLT) for transfer of its cement plants to UltraTech Cement. The deal will help the Jaypee Group firm to reduce debt, which runs into thousands of crores of rupees. The deal was subject to various regulatory approvals. The group's cement operations have a total capacity of 17.2 million tonnes per annum (MTPA) spread across Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh.