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Adani Group, Vedanta, Dalmia Bharat Cement, and Suraksha Group-controlled Jaypee Infratech have submitted resolution plans to acquire debt-laden Jaiprakash Associates Ltd (JAL), which is undergoing insolvency proceedings under NCLT's Allahabad Bench. JAL owes nearly INR 57,185 crore and must be resolved as a single entity. Patanjali Ayurveda, though shortlisted, did not bid. JAL's assets include major real estate projects like Jaypee Greens and Wishtown, hospitality properties, non-operational cement plants, and toll and power interests. Each bidder brings a unique strategic angle, with cement, real estate, and infrastructure assets attracting industry-wide attention. The outcome will shape the future of JAL's diverse portfolio.
This week, Adani Group, Vedanta, Dalmia Bharat Cement, and Suraksha Group-controlled Jaypee Infratech formally submitted resolution plans to acquire Jaiprakash Associates Ltd (JAL), which is undergoing insolvency proceedings under the supervision of the National Company Law Tribunal (NCLT), Allahabad Bench. The submission window had been extended by a day following requests from the interested bidders. Advertisement
In a notable development, Patanjali Ayurveda, though initially shortlisted, did not submit a resolution plan. With the final bidding now concluded, four major industrial players have emerged to compete for the acquisition of the debt-ridden conglomerate.
JAL, once a dominant force in real estate, cement, infrastructure, and hospitality, was admitted into insolvency last year after defaulting on loans totaling nearly INR 57,185 cr. The loans were part of a stressed asset pool later acquired by the National Asset Reconstruction Company Ltd (NARCL) from a consortium led by the State Bank of India. As per the NCLT's directive, JAL must be resolved as a single going concern rather than through asset-wise breakups.
This resolution process attracted over 25 Expressions of Interest (EoIs), but only four submitted final plans-Adani Enterprises, Vedanta, Jaypee Infratech (now controlled by Suraksha Group), and Dalmia Bharat Cement. Each bidder brings a unique strategic intent to the table. While Dalmia is likely eyeing JAL's cement plants, Suraksha, which recently took over Jaypee Infratech, could be looking to integrate operations. Adani and Vedanta, both actively expanding in infrastructure, could leverage the real estate and hospitality portfolios.
JAL's assets include landmark projects such as Jaypee Greens and Wishtown in Greater Noida, the International Sports City near the upcoming Jewar Airport, multiple commercial office spaces across Delhi-NCR, and five hospitality properties in NCR, Mussoorie, and Agra. Its cement business holds four non-operational plants spread across Uttar Pradesh and Madhya Pradesh, along with strategic limestone mining leases. The company also has minority stakes in ventures such as Jaiprakash Power Ventures, Yamuna Expressway toll operations, and Jaypee Infrastructure Development.
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