Adani and Patanjali Lead 26 Firms Bidding for Jaiprakash Associates
Click to start listening
Synopsis
Billionaire Gautam Adani and Patanjali Ayurveda are among 26 companies interested in acquiring Jaiprakash Associates Limited, which is currently undergoing insolvency proceedings due to significant debt defaults.
Key Takeaways
- Gautam Adani’s group and Patanjali are key bidders.
- Jaiprakash Associates faces insolvency with huge debt.
- Numerous companies have expressed interest in acquisition.
- Creditors claim against Jaiprakash Associates stands at Rs 57,185 crore.
- Assets include real estate and cement plants.
New Delhi, April 6 (NationPress) Billionaire Gautam Adani’s conglomerate and Patanjali Ayurveda, a major player in the FMCG sector, are among 26 firms expressing interest in acquiring the financially troubled Jaiprakash Associates Limited (JAL), which is currently in the midst of insolvency proceedings.
Jaiprakash Associates, an important entity in industries such as real estate, cement production, hospitality, and engineering & construction, was placed into the Corporate Insolvency Resolution Process by the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3, 2024.
This action was taken following the company’s failure to repay significant debts.
A stock exchange filing revealed that companies like Adani Enterprises, Torrent Group, Jindal Power, Dalmia Cement, Oberoi Realty, GRM Business, and Kotak Alternate Asset Managers have submitted their expressions of interest for the acquisition.
The provisional list of qualified prospective resolution applicants was published under the regulations set forth by the Insolvency and Bankruptcy Board of India.
The total claims from creditors against Jaiprakash Associates amount to a staggering Rs 57,185 crore. The National Asset Reconstruction Company Limited (NARCL), which assumed the distressed loans from a consortium of banks led by the State Bank of India, is the largest creditor.
In addition to Patanjali Ayurveda and Adani Enterprises, other contenders include Jaypee Infratech, GMR Business & Consultancy, Jindal India Power, Asset Reconstruction Company (India), and various asset management and infrastructure firms.
JAL possesses significant real estate holdings including Jaypee Greens in Greater Noida, sections of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City situated near the upcoming Jewar International Airport.
The company also owns commercial and office spaces in the Delhi NCR region and manages five hotels located in Delhi NCR, Mussoorie, and Agra.
In the cement sector, JAL operates four plants across Madhya Pradesh and Uttar Pradesh, alongside leased limestone mines.
However, these cement facilities are currently non-operational. The company also has holdings in subsidiaries such as Jaiprakash Power Ventures Limited, Yamuna Expressway Tolling Limited, and Jaypee Infrastructure Development Limited.
As of March 11, 2025, the total loans owed to financial institutions reached Rs 55,409.28 crore. Notably, another entity from the Jaypee Group, Jaypee Infratech, was previously acquired by the Mumbai-based Suraksha Group through a separate insolvency process.
