Jaypee Sports International has paid ₹ 100 crore to ensure its control over the Buddha International circuit in Greater Noida.
The Yamuna Expressway Industrial Development Authority (YEIDA), governing authority of the Buddha International Circuit land, had last month advised the Jaypee Group company to deposit ₹ 220 crore to avoid the cancellation of their lease on a 1,000 hectare land along the Yamuna Expressway. The company was given one-month time – till June 30 – make the payment.
The YEIDA had threatened the company that if the dues were not cleared during the one-month notice period, the land allocation shall be cancelled.
Meanwhile, Jaypee Sports International has deposited ₹ 100 crore and assured the YEIDA that the balance payment shall be made in instalments in a timely manner. The Jaypee group reportedly owes the authority over ₹ 700 crore.
The location, besides the Buddha International circuit also has provision for a proposed cricket stadium. The sports facility gains more significance for being in the proximity of the upcoming international airport as Jevar. The company has at least for now managed to retain its control over the Budha International Circuit.
The Jaypee Sports International, owners of the Buddha International Circuit, were allotted the land for a special development zone (SDZ) in 2009-10 in Sector 25 along the Yamuna Expressway.
The Jaypee Group, a part of the Jaiprakash Associates Limited, hasd further sub-let half of the land to nearly 30 smaller developers who have their projects underway in the region.