NBCC India, a construction company, is ahead to acquire infrastructure company Jaypee Infratech, part of real estate to technology company Jaypee Group.
NBCC offered 1,000 crore rupees ($140 million) upfront cash higher than Indian asset reconstruction company Suraksha’s offer, which is far less at $1.4 million.
Jaypee Infratech said that it will use the funds to reduce its loan servicing burden, especially with homebuyers and lenders.
The final resolution could take close to a month as Jaypee Infratech's Indian lenders will rate the two bidders' plans on several parameters. The highest bidder will be announced by Saturday.