Adani, Vedanta, Patanjali among 26 in fray to acquire Jaiprakash Associates, ET RealEstate
NEW DELHI: Billionaire Gautam Adani’s group, mining mogul Anil Agarwal’s Vedanta, and yoga guru Baba Ramdev’s Patanjali Ayurveda are among the 26 suitors looking to acquire Jaiprakash Associates. Others who showed interest in acquiring Jaiprakash Associates Ltd (JAL), currently under insolvency proceedings initiated to recover defaulted loans, include Ahmedabad-based Torrent Group, Jindal Power, Dalmia Cement, GRM Business, Oberoi Realty and Kotak Alternate Asset Managers Ltd, according to a filing by the company to stock exchanges.
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.
JAL was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024.
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.
