Displaying items by tag: State Bank of India
Jaiprakash Associates seeking to sell all assets
30 September 2022India: Jaypee Group subsidiary Jaiprakash Associates is reportedly seeking to sell its remaining assets after receiving a new insolvency bid from State Bank of India. The Times of India newspaper has reported that the company has previously sold US$4.92bn-worth of assets to pay off debts.
Jaiprakash Associates chair and chief executive officer Manoj Gaur said "We have kept faith in the law of the land and helped maximise recoveries of the bank. The setback is due to circumstances and issues such as the UltraTech deal. Our intent is to clear all the dues.”
The producer failed to sell a cement plant to UltraTech Cement under a US$2.05bn, 21.2Mt/yr cement capacity deal in 2017.
State Bank of India acquires JSW Cement minority stake for US$13.2m
22 December 2021India: State Bank of India (SBI) has acquired a minority stake in JSW Cement with worth US$13.2m. The bank acquired the stake as compulsorily convertible preference shares. JSW Cement plans to add the capital infusion to its on-going investments in a planned 79% expansion of its total capacity to 25Mt from 14Mt.