India: Jaypee Group salvages UltraTech deal, loses control of holding company

India: Jaypee Group salvages UltraTech deal, loses control of holding company

Manoj Gaur, executive chairman and chief executive, Jaypee Group. Photo: Pradeep Gaur/Mint

In an important board meeting on Monday, the promoters of the debt-strapped Jaypee Group managed to salvage a deal that involved the sale of the conglomerate’s cement assets to UltraTech Cement Ltd, but lost control of the holding company Jaiprakash Associates Ltd to lenders.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter