Gautam Adani, Anil Agarwal’s Vedanta, Baba Ramdev’s Patanjali in race of buying debt-ridden firm, its name is…, business is…
Gautam Adani’s group, Anil Agarwal’s Vedanta Group, and yoga guru Baba Ramdev’s Patanjali Ayurveda are among the 26 entities that have shown interest in acquiring Jaiprakash Associates Ltd (JAL), which is currently undergoing insolvency proceedings.
The company, facing action for defaulting on loans, disclosed in a regulatory filing that several major corporates and investment firms have submitted expressions of interest (EoIs) to take over the firm.
Other suitors like Ahmedabad-based Torrent Group, Jindal Power, Dalmia Cement, GRM Business, Oberoi Realty, and Kotak Alternate Asset Managers Ltd.
The strategic value of JAL’s assets across sectors including cement, construction, and real estate. The insolvency resolution process was initiated by creditors to recover their unpaid loans, and the final list of qualified bidders will be filtered based on eligibility and compliance with the Insolvency and Bankruptcy Code (IBC).
In the filing, JAL, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, issued the provisional list of eligible Prospective Resolution Applicants (PRAs) under Regulation 36A (10) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016.
The company was taken to insolvency proceedings after the conglomerate defaulted on payment of loans.
Creditors claim a total of a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI).
Those who put in an expression of interest (EoI) include Adani group’s flagship firm Adani Enterprises Ltd, Dalmia Cement (Bharat) Ltd, GMR Business & Consultancy LLP, Jaypee Infratech, Jindal India Power Ltd, Jindal Power Ltd, Kotak Alternate Asset Managers Ltd. Oberoi Realty Ltd, Patanjali Ayurveda Ltd, Torrent Power and Vedanta Ltd.
Asset Reconstruction Company (India) Ltd, Authum Investment & Infrastructure Ltd, consortium of Winro Commercial (India) Ltd and Parakh Advisors Private Ltd, Dickey Asset Management Pvt Ltd, India Opportunities XII Investments Pte Ltd, J C Flowers Asset Reconstruction Pvt Ltd, Jaithari Thermal Power, Oriental Structural Engineers, Paschim Sagar Properties, PNC Infratech, Rashmi Metaliks, Sherisha Technologies, Sigma Corporation and Winchain Infrastructures were the other bidders.
JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport.
It also has three commercial/industrial office spaces in Delhi NCR, while its hotel division has five properties in Delhi NCR, Mussoorie, and Agra.
JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines located in Madhya Pradesh. The cement plants, however, are presently non-operational.
It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies. According to JAL, the total outstanding loans to financial institutions stood at Rs 55,409.28 crores as of March 11, 2025.
Jaypee Group’s Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
(With Inputs From PTI)
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