Mumbai: Jaiprakash Associates Ltd (JAL) on Monday said that it has defaulted on loans worth Rs 4,616 crore, including principal of Rs1,751 crore and interest payments of Rs 2,865 crore.
“Total borrowing (including interest) of the company is Rs 29,805 crore, repayable by 2037, against which only Rs 4,616 crore is overdue as on April 30, 2024," JAL informed the exchanges.
The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCBs (foreign currency convertible bonds).
Out of its substantial debt of Rs 29,805 crore, JAL plans to transfer Rs 18,955 crore to a Special Purpose Vehicle (SPV). This transfer, which is part of a Scheme of Arrangement, awaits approval from the National Company Law Tribunal (NCLT) and has already been endorsed by all relevant stakeholders.
As a responsible borrower, the company has been taking tangible steps to reduce the borrowings. After the proposed divestment of the cement business and the restructuring are taken into consideration, the borrowing will get almost to nil." JAL said.
