Jaiprakash Associates defaults on $508 mn loan repayment due on March 31

Jaiprakash Associates Ltd defaulted on a repayment of 41.61 billion rupees ($508 million) of loans due on March 31, the company said in an exchange filing Saturday.

The flagship company of the infrastructure-focused Jaypee Group has borrowings of 293.96 billion rupees, which are due for repayment by 2037, it said.

“Post the proposed divestment of cement business and the restructuring under consideration, the borrowing will get almost to nil upon implementation of revised restructuring plan,” the company said.