Jaypee Infratech announced it had defaulted, for the first time, on interest payments to Indian banks of Rs.193 crore and of Rs.300 crore to Life Insurance Corporation of India in repayment of principal.
In its annual result filings for 2015-16, it stated the losses were Rs.243 crore on revenues of Rs.2,799 crore, mainly due to economic slowdown. ´The demand for real estate in the NCR (National Capital Region) was negatively impacted. The company sought to refinance its existing loans worth Rs.6,550 crore under the Reserve Bank of India scheme and all lenders, expect LIC, have approved,´ it said.
The company operates the Yamuna Expressway between Delhi and Agra and has rights to develop land along the route.
The group´s flagship, Jaiprakash Associates, will announce its results in the first week of July.
Jaypee Infra defaults on loans
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