Adani, Patanjali among 26 firms in race to acquire Jaiprakash Associates

New Delhi, April 6 (IANS) Billionaire Gautam Adani’s group and FMCG major Patanjali Ayurveda are among 26 companies that have shown interest in acquiring debt-laden Jaiprakash Associates Limited (JAL), which is currently undergoing insolvency proceedings.

Jaiprakash Associates, a key player in sectors like real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process by the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3, 2024.

The proceedings were initiated after the company defaulted on repayment of massive loans.

According to a stock exchange filing, companies such as Adani Enterprises, Torrent Group, Jindal Power, Dalmia Cement, Oberoi Realty, GRM Business, and Kotak Alternate Asset Managers have submitted their expressions of interest to take over the company.

The provisional list of eligible prospective resolution applicants was released under the Insolvency and Bankruptcy Board of India regulations.

The total claims by creditors against Jaiprakash Associates stand at a staggering Rs 57,185 crore. The National Asset Reconstruction Company Limited (NARCL), which took over the stressed loans from a consortium of banks led by State Bank of India, is the largest claimant.

Apart from Patanjali Ayurveda and Adani Enterprises, other interested bidders include Jaypee Infratech, GMR Business & Consultancy, Jindal India Power, Asset Reconstruction Company (India) and several asset management firms and infrastructure players.

JAL owns major real estate assets such as Jaypee Greens in Greater Noida, parts of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City located near the upcoming Jewar International Airport.

The company also holds commercial and office properties in the Delhi NCR region and operates five hotels in Delhi NCR, Mussoorie, and Agra.

In the cement segment, JAL owns four plants across Madhya Pradesh and Uttar Pradesh, along with leased limestone mines.

These cement units, however, are currently non-operational. The company also holds investments in subsidiaries such as Jaiprakash Power Ventures Limited, Yamuna Expressway Tolling Limited, and Jaypee Infrastructure Development Limited.

As of March 11, 2025, the total outstanding loans to financial institutions stood at Rs 55,409.28 crore. Notably, another company from the Jaypee Group -- Jaypee Infratech -- has already been acquired by the Mumbai-based Suraksha Group through a separate insolvency process.

--IANS

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