Banks plan to take control of indebted infrastructure company Jaiprakash Associates Ltd by swapping part of its loans for equity, two banking sources with direct knowledge of the matter said on Friday.
Under the plan, put together under a Reserve bank of India scheme to help lenders recover debts, the founders of real-estate-to-road building conglomerate Jaypee Group could eventually lose control of their flagship company. One of the sources said Jaiprakash Associates, best-known as the builder of India's Formula One racing track, was delaying loan servicing payments, leaving lenders no choice but to launch a debt-for-equity exchange.
Creditor banks will soon decide on the details of the debt-for-equity swap plan, said the source at a lender. The senior banker, who declined to be named, said Jaiprakash Associates owed about 310 billion rupees ($4.6 bln). A spokeswoman for Jaypee Group did not immediately respond to a request for comment.
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Under the plan, put together under a Reserve bank of India scheme to help lenders recover debts, the founders of real-estate-to-road building conglomerate Jaypee Group could eventually lose control of their flagship company. One of the sources said Jaiprakash Associates, best-known as the builder of India's Formula One racing track, was delaying loan servicing payments, leaving lenders no choice but to launch a debt-for-equity exchange. 
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