Charged with govt nod, NBCC asks Jaypee Infratech RP to reconsider offer

Hours after getting the government approval for its revised offer to acquire troubled realty firm Jaypee Infratech, state-owned NBCC Ltd on Wednesday asked the court-appointed resolution professional to reconsider its bid and asserted it is prepared to take all necessary steps to protect its interest.

The Committee of Creditors on April 26 had rejected the NBCC bid, terming it conditional and without the necessary approval from the government. The lenders had approved voting on a rival bid from Mumbai-based Suraksha Realty, backed by Sudhir Walia of Sun Pharma group.

Gujarat-based conglomerate Adani Group has also expressed interest in bidding for the realty firm, which has been in financial trouble after defaulting on loans but has a huge portfolio of housing projects and land parcels worth thousands of crores in the national capital region.

In a regulatory filing, NBCC said it has got the necessary approvals from the Ministry of Housing and Urban Affairs and other concerned ...