A new project, Yamuna Expressway, has been introduced by Jaypee in the northern state of Uttar Pradesh. This undertaking is a 165-kilometer, six-lane expressway. The project carries a total cost of 2 billion dollars. It connects Noida, near Delhi, with the city of The Tajmahal, Agra. The company plans to develop approximately 25 million square feet of real estate along the expressway.
In an interview with the media, Mr. Manoj, Chairman of the Jaypee Group, stated that although the expressway will commence in phases from November onwards, it will begin generating toll revenues only in the fiscal year 2012 (FY12).
The firm aims to generate a revenue of 100 billion by the fiscal year 2015/16. This fiscal year, they recorded a revenue of Rs. 25 billion, entirely from real estate sales. The managers to the Jaypee Issue included Bank of America-Merrill Lynch, SBI Capital Markets, Kotak Mahindra Capital, IDFC Capital, ICICI Securities, Morgan Stanley India, Axis Bank, JM Financial, and Enam Securities.
In March, on the last day of the offer within the bottom of the price range, a share sale of $2.2 billion in state-run miner NMDC was completed. ($1=47 Indian rupees)