December 2019 \ Business & Investment \ HOUSING AND ECONOMY
NBCC, Suraksha submit sweetened final bids for Jaypee Infra

State-run NBCC and Mumbai-based Suraksha Realty ...

State-run NBCC and Mumbai-based Suraksha Realty on Tuesday submitted their final resolution plans for acquisition of the insolvent Jaypee Infratech Ltd (JIL). The Committee of Creditors (CoC) of the realty firm had sought clarifications and asked both the companies to sweeten their offers in its last meeting in November.

Sources said that in its final bid, Suraksha has offered 2,200 acres of land to the banks, enhanced from its previous offer of 1,900 acres. It has also increased its upfront payment to the banks to Rs 175 crore from Rs 25 crore. It has also enhanced its offer for the home buyers, by setting aside Rs 250 crore worth of land as compensation for delay, against the previous offer of land worth Rs 100 crore.

People in the know further said that Suraksha has also submitted a letter of support for technical and operational work from the JSW Group for completing the pending housing projects of Jaypee Infratech.