Adani Group, Vedanta, others submit resolution plans to acquire Jaiprakash Associates
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Billionaire Gautam Adani's Group, mining mogul Anil Agarwal's Vedanta , and Dalmia Bharat Cement have submitted their resolution plans to acquire Jaiprakash Associates through an insolvency process , according to sources.Jaypee Infratech, which has been acquired by Mumbai-based Suraksha Group, has also submitted the bid, they added.Baba Ramdev-led Patanjali Ayurved, however, has not submitted the resolution plan after showing initial interest, sources said.In April, as many as 25 companies showed interest in acquiring Jaiprakash Associates Ltd (JAL).Earlier this month, lenders of JAL extended the deadline for submission of resolution plans to June 24 on request of prospective bidders.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.According to sources, Adani group firm Adani Enterprises, Vedanta , Jaypee Infratech and Dalmia Bharat Cement have submitted their resolution plans for JAL.The spokespersons of these entities declined to comment.Other companies, which submitted EOIs in April, included Torrent Power, GMR Business & Consultancy LLP, Jindal India Power, Jindal Power Ltd, Kotak Alternate Asset Managers Ltd, PNC Infratech, and Oberoi Realty.Authum Investment & Infrastructure; Consortium of Winro Commercial (India) and Parakh Advisors; Dickey Asset Management; India Opportunities XII Investments; J C Flowers Asset Reconstruction; Jaithari Thermal Power; Jakson Ltd; Oriental Structural Engineers; Paschim Sagar Properties; Rashmi Metaliks; Sherisha Technologies; Sigma Corporation (India) Ltd; and Winchain Infrastructures also showed initial interest.JAL was taken to insolvency proceedings after the conglomerate defaulted on payment of loans.Creditors are claiming 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).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 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.
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