Debt revamp plan formulated for JP Associates

A debt revamp plan for JP Associates, which is sitting on a debt pile of approximately Rs 30,000 crore, has been formulated.

CNBC-TV18 learns that the joint forum of lenders may have come to an agreement on a bank-wise split of debt repayment.

JP Associates will be split along three verticals. Most of its cement business will be taken over by Ultratech Cement, one will have all the real estate holdings and the third will have rest of the residual businesses.

CNBC-TV18's Ritu Singh reports further on this development.