Subsidiary of Jaypee Group, PPGCL put on sale by lenders

Prayagraj Power Generation Co. Ltd (PPGCL), a subsidiary of Jaiprakash Power Ventures Ltd have been put up for sale by the lenders. Lenders led by State Bank of India on Wednesday invited expressions of interest for a majority stake in the 1,980 megawatt (MW) thermal power plant, said a newspaper advertisement. The lenders now together hold 89.47% stake in Prayagraj, which had liabilities of Rs. 13,644.11 crore, according to Jaiprakash Power Ventures’ annual report for fiscal year 2016-17. Lenders have hired SBI Capital Markets as the transaction adviser.