New Delhi: Billionaire Gautam Adani‘s group and fast-moving consumer goods (FMCG) giant Patanjali Ayurveda are among 26 companies expressing interest in acquiring Jaiprakash Associates Limited (JAL), a debt-ridden conglomerate currently under insolvency proceedings.
Jaiprakash Associates, a prominent name in sectors such as real estate, cement manufacturing, hospitality, and engineering & construction, was admitted to the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT) on June 3, 2024, following its failure to repay substantial loans.
The company has accumulated a massive debt of Rs 57,185 crore, which it owes to its creditors. The National Asset Reconstruction Company Limited (NARCL), which took over the troubled loans from a consortium of banks led by the State Bank of India (SBI), stands as the largest claimant.
According to a stock exchange filing, prominent companies like Adani Enterprises, Torrent Group, Jindal Power, Dalmia Cement, Oberoi Realty, GRM Business, and Kotak Alternate Asset Managers have submitted their expressions of interest (EOIs) to take over Jaiprakash Associates. The provisional list of eligible prospective resolution applicants was released in compliance with the regulations of the Insolvency and Bankruptcy Board of India (IBBI).
While Adani Enterprises and Patanjali Ayurveda have emerged as key players in the bidding race, other notable names include Jaypee Infratech, GMR Business & Consultancy, Jindal India Power, Asset Reconstruction Company (India), and several infrastructure and asset management firms.
Jaiprakash Associates boasts valuable real estate holdings, including the expansive Jaypee Greens in Greater Noida, parts of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar International Airport. The company also owns significant commercial and office properties in the Delhi NCR region and operates five hotels located in Delhi NCR, Mussoorie, and Agra.
In addition to its real estate and hospitality assets, Jaiprakash Associates owns cement plants across Madhya Pradesh and Uttar Pradesh, along with leased limestone mines. However, the cement units are currently non-operational. The company also holds stakes in subsidiaries like Jaiprakash Power Ventures Limited, Yamuna Expressway Tolling Limited, and Jaypee Infrastructure Development Limited.
As of March 11, 2025, Jaiprakash Associates’ outstanding loans to financial institutions amounted to Rs 55,409.28 crore. Meanwhile, another company from the Jaypee Group, Jaypee Infratech, has already been acquired by the Mumbai-based Suraksha Group through a separate insolvency process.
With a wide array of bidders and valuable assets on the table, the resolution of Jaiprakash Associates’ insolvency proceedings is poised to be a significant development in India’s corporate restructuring landscape. (Source: IANS)
