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Adani group leads race to acquire Jaiprakash Associates with ₹12,500 cr bid
Ruchika Chitravanshi Dev Chatterjee New Delhi/Mumbai
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The Adani group has emerged the frontrunner to acquire Jaiprakash Associates Ltd (JAL), which is currently undergoing insolvency proceedings, with a bid of up to ₹12,500 crore, people familiar with the matter said on Thursday. The conglomerate has proposed more than ₹8,000 crore as an upfront payment without any preconditions, they said.
Rival bidder Dalmia group is also in the fray and is willing to top Adani's offer — provided a key legal hurdle related to JAL's Sports City project is resolved. The case is currently pending before the Supreme Court.
In March, the Allahabad High Court upheld a decision
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