There is a race to buy this debt-ridden firm, these 26 companies including Adani-Vedanta and Patanjali are in the line
26 companies including Gautam Adani Group, Anil Agarwal’s company Vedanta and Yoga Guru Ramdev’s company Patanjali Ayurveda have shown interest in the acquisition of debt-ridden Jaiprakash Associates Limited (JAL). JAL has given this information to the stock markets. Other major companies showing interest in the acquisition include Ahmedabad-based Torrent Group, Jindal Power, Dalmia Cement, GRM Business, Oberoi Realty and Kotak Alternate Asset Managers Limited.
JAL has released the provisional list of eligible potential resolution applicants (PRAs) under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Entities) Regulations, 2016. The Allahabad bench of the National Company Law Tribunal (NCLT) had on June 3, 2024 ordered the initiation of corporate insolvency resolution process against JAL as the company had defaulted on repayment of outstanding debts. Creditors have claimed a total of Rs 57,185 crore, with National Asset Reconstruction Company Limited (NARCL) leading the list of claimants after taking over JAL’s stressed loans from a consortium of lenders led by State Bank of India (SBI).
These companies showed interest
The companies that have expressed interest in the acquisition include Adani Enterprises Limited, Dalmia Cement (Bharat) Limited, GMR Business and Consultancy LLP, Jaypee Infratech, Jindal India Power Limited, Jindal Power Limited, Kotak Alternate Asset Managers Limited, Oberoi Realty Limited, Patanjali Ayurveda Limited, Torrent Power and Vedanta Limited. Apart from these, Asset Reconstruction Company (India) Limited, Authum Investment and Infrastructure Limited, Consortium of Winro Commercial (India) Limited and Parakh Advisors Private Limited, Dickey Asset Management Private Limited, India Opportunities Investments Pte Ltd, JC Flowers Asset Reconstruction Private Limited, Jaithri Thermal Power, Oriental Structural Engineers, West Sagar Properties, PNC Infratech, Rashmi Metallics, Sherisha Technologies, Sigma Corporation and Winchain Infrastructure are also included.
JAL has many real estate projects
JAL has important real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida and Jaypee International Sports City. It has three commercial/industrial office spaces in Delhi NCR, and five hotel properties in Delhi NCR, Mussoorie and Agra. It has four cement production plants in Madhya Pradesh and Uttar Pradesh, which are currently not operational, and also has some leased limestone mines in Madhya Pradesh. JAL has also invested in subsidiaries such as Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, as well as some other companies. According to Jaiprakash Associates, its total outstanding loans to financial institutions stood at Rs 55,409.28 crore as on March 11, 2025. Another Jaypee group company, Jaypee Infratech, has already been acquired by Mumbai-based Suraksha Group through the insolvency process, which has to complete stalled projects involving about 20,000 flats in Noida and Greater Noida.
