Indian companies selling assets to lessen debt
It has really been a very hectic week for the infrastructure sector. This started with an Rs 12,000-crore deal going through, and was accompanied in its wake by the buzz and promise of many more to come. The Delhi-based Jaypee Group has sold three hydropower plants to Anil Ambani’s Reliance Power, just a few days after a West Asia based investor had dropped the plans to buy some of those similar assets in the company.
In the same week, another infrastructure giant Adani group, which has also been helping in running the Jaypee projects, said that the group was in the market for around 5,000 MW of power projects. Then billionaire Ajay Piramal have also announced plans for a billion-dollar fund, to be set up along with a Dutch pension fund, so that they can invest in Indian infrastructure. Piramal Group CFO Rajesh Laddha had recently announced that he felt a crying need for the financing in this sector. This would start by the refinancing of all unfinished infrastructure projects.
The companies in debt are looking forward and selling their assets in order to bring down the high debt that they are under.
Source: The Economic Times
Ajay Piramal, Anil Ambani Reliance Power, Assets, Debt, Dutch pension fund, Jaypee group, jaypee projects, Piramal Group CFO Rajesh Laddha
