Adani Enterprises, Vedanta, Jindal Power, others in fray to acquire Jaiprakash Associates

New Delhi, Jun 25 (PTI) About half a dozen companies including Adani Enterprises, Vedanta and Jindal Power have submitted resolution plans to acquire Jaiprakash Associates through an insolvency process, according to sources.

On Tuesday, sources had said that Billionaire Gautam Adani group firm Adani Enterprises, mining mogul Anil Agarwal's Vedanta, Dalmia Bharat Cement and Jaypee Infratech have submitted their bids.

PNC Infratech is also believed to have put in its bid.

Lenders of Jaiprakash Associates Ltd (JAL) met on Wednesday to open the bids submitted by the interested parties. The last date was June 24.

Resolution plan of Jaypee Infratech Ltd, which has been acquired by Mumbai-based Suraksha Group, may get rejected as it has not fulfilled certain criteria.

In April, as many as 25 companies showed interest to acquire JAL.

Baba Ramdev-led Patanjali Ayurved, however, did not submit the resolution plan after showing initial interest.

JAL, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024.

JAL was taken to insolvency proceedings after the conglomerate defaulted on payment of loans.

Creditors are claiming 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).

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 in Madhya Pradesh. The cement plants, however, are 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.

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. PTI KKS MJH DRR