Jaypee Group Vice Chairman Sarat Jain Quits

New Delhi: Infrastructure major Jaiprakash Associates Ltd (JAL) on Tuesday said its vice chairman Sarat Kumar Jain has resigned.

Mr Jain had been associated with the Jaypee Group for over 50 years, JAL said in a regulatory filing.

"He is presently 78 years old and is not keeping in good health. As such he has expressed his inability to continue as Vice Chairman/Director of JAL," the firm said.

Mr Jain resigned from the office of vice chairman and director of JAL the previous day with immediate effect, it added.

In March, in one of the biggest deals in the domestic cement industry, debt-ridden JAL announced part sale of its cement business to Kumar Mangalam Birla-led UltraTech for Rs 15,900 crore.