Jaiprakash Associates Transfers Himalayan Expressway Rights to Cloudneo Amid Continued Losses

Jaiprakash Associates Ltd (JAL) has announced the transfer of concession rights for the Himalayan Expressway project to Cloudneo Highways Pvt Ltd, citing sustained financial losses incurred by its subsidiary, Himalayan Expressway Ltd (HEL). The move is part of JAL’s broader strategy to streamline operations amid ongoing insolvency proceedings.

 

The transfer follows a tripartite agreement signed between HEL, Cloudneo Highways, and the National Highways Authority of India (NHAI). The Himalayan Expressway, a critical infrastructure link in North India, has faced operational and financial challenges, prompting the need for a more viable operator.

 

This development comes as JAL navigates a complex Corporate Insolvency Resolution Process (CIRP), with creditors claiming over ₹57,000 crore. The asset transfer is expected to reduce liabilities, improve operational efficiency, and potentially unlock value for stakeholders.

 

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Source: Economic Times – Jaiprakash Associates Asset Transfer Update