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Jaiprakash Associates Ltd defaulted on a repayment of Rs 4,161 crore ($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 Rs 29,396 crore, 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.
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