Jaypee Group looks to exit Yamuna Expressway

The group is in talks with IDFC Alternatives and I Squared Capital to sell the six-lane toll-based project in Uttar Pradesh that connects Noida with Agra along the Yamuna river, it adds.

The debt-laden Jaypee group is in talks to sell its entire shareholding in the 165km Yamuna Expressway project after it failed to get a favourable response for the partial stake sale, reports a business daily.

The group is in talks with IDFC Alternatives and I Squared Capital to sell the six-lane toll-based project in Uttar Pradesh that connects Noida with Agra along the Yamuna river, it adds.

IDFC Alternatives, which earlier pulled out of from the stake sale talks as it was not keen on acquiring a partial stake, has come back to the negotiation table, according to the newspaper.

The Yamuna Expressway project includes construction, operation and maintenance of the expressway and rights for developing over 6,175 acres of land. 

Jaypee Infratech is developing five townships along the expressway.

Built under the private-public-partnership (PPP) mode with the Uttar Pradesh government, the Yamuna Expressway had a project cost of over INR 12,000 crore.

IDFC Alternatives has estimated the expressway’s enterprise value at Rs. 3,300 crore, reports the daily.