NBCC Receives Rs 100 Cr from SBICap for Amrapali Projects

SBICAP Ventures, the manager for the government's Rs 25,000-crore stressed-asset fund, has transferred the first tranche of disbursement worth around Rs 100 crore for the six projects by the erstwhile Amrapali Group located in Noida and Greater Noida.

BY Realty Plus
Published - Monday, 30 Aug, 2021

NBCC Receives Rs 100 Cr from SBICap for Amrapali Projects

SBICAP Ventures, the manager for the government's Rs 25,000-crore stressed-asset fund, has transferred the first tranche of disbursement worth around Rs 100 crore for the six projects by the erstwhile Amrapali Group located in Noida and Greater Noida. “We have received around Rs 100 crore as part of the first tranche so far. With this construction work on the six projects will be expedited,” NBCC said. “The disbursement has started. We will disburse as per construction and according to the pace of construction. We have committed Rs 650 crore and we will disburse as required and as construction expenditure is incurred in the project,” Irfan A Kazi, Chief Investment Officer of the SWAMIH Investment Fund told. SBICap had on August 4 signed an MoU with the court receiver, appointed by the Supreme Court to monitor stuck Amrapali projects, for funding Rs 650 crore for six projects in Noida and Greater Noida. At the Amrapali hearing in Supreme Court on August 13, the court receiver informed the bench that SWAMIH Fund had transferred Rs 10 crore as token amount and that another chunk is expected within a fortnight. The bench had said that, “All banking formalities have been completed and the first token release has taken place and the amount transferred to NBCC.” The UCO Bank, Bank of Baroda, and Bank of India have agreed to form a consortium to provide financial assistance to stuck Amrapali projects post the meeting held with 10 banks and their counsels on August 9. NBCC said that formalities are currently on with banks.