Adani Group, Vedanta, others submit resolution plans to acquire Jaiprakash Associates
NEW DELHI: 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
29 minutes ago
- Time of India
Gujarat topples Raj to emerge as No. 1 state in renewable energy capacity
Jaipur: Rajasthan is no longer the number one state in the renewable energy sector. Gujarat has grabbed the top spot in the country, powered by wind power and rooftop solar projects. According to the Ministry of New and Renewable Energy data, Gujarat's renewable energy capacity rose to 35,900 MW against Rajasthan's 35,400 MW by the end of May 2025. While Rajasthan still has the highest capacity in the solar power segment in the country, its poor performance in attracting wind power projects has been the main reason for losing the top position to Gujarat. Similarly, Rajasthan's rooftop solar segment also remains a laggard, unlike Gujarat. The state could have made rapid progress if the subsidy scheme announced in the budget was implemented. In the 2025-26 Budget, the state govt announced that it will provide a subsidy of Rs 17,000 for solar rooftop plants having 1.1 kW capacity (producing 150 units a month). A 1.1 kW capacity plant costs Rs 50,000, and the Union govt is providing Rs 33,000 as a subsidy. However, the approval of the state subsidy is stuck in the finance department, derailing the state's target of covering 5 lakh households. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Tìm hiểu thêm Undo President of the Renewable Energy Association of Rajasthan (REAR), Ajay Yadav, said, "Despite any additional subsidy, Gujarat has become the leader in rooftop solar. Being a leader in the solar segment, Rajasthan should have been closer to the rooftop solar capacity of Gujarat, if not the leader. Sadly, this is not the case." He said Rajasthan announced an additional state subsidy to make up for the lost ground. "Unfortunately, that has again become the victim of the govt's indecisiveness," added Yadav. Rajasthan has been overly dependent on solar and has lost opportunities in the wind energy sector, which is driving renewable energy targets of many states. Solar with wind is more efficient renewable energy than solar alone. Industry experts said that Rajasthan has no strategy to promote wind energy. "Because of wind, Gujarat has been able to beat Rajasthan," said one of the experts.
Time of India
29 minutes ago
- Time of India
Two Flyovers On New Metro Corridors Likely By This Year
New Delhi: Delhi govt plans to complete two vital road projects this year: two flyovers as part of the double-decker viaducts on two upcoming Delhi Metro corridors. Senior officials said PWD minister Parvesh Verma recently sought details of these two projects, with specific instructions to complete them this year. While one viaduct is being constructed between Bhajanpura and Yamuna Vihar on the upcoming Maujpur-Majlis Park metro corridor, the other facility is being built between Azadpur and Rani Jhansi Road intersection on GT Road as part of the RK Ashram Marg-Janakpuri West line. Officials mentioned that govt was working on the Bhajanpura-Yamuna Vihar facility, the city's first double-decker viaduct. The four-lane flyover is almost ready and only the ramp connecting the road with it is yet to be constructed due to the pending tree-cutting permission, said a senior official. It is scheduled to be completed in July. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi Announced by Delhi Metro Rail Corporation in 2021 as a joint venture with Public Works Department, the structure is among the three double-decker viaducts being constructed as part of Delhi Metro's under-construction phase IV, where trains will move on the upper deck and motor vehicles on the lower deck. A PWD official said a revised budget was requested for the project due to cost escalation, which would be approved soon. The second project that the ministry asked to expedite is the 2+2 lane flyover from Azadpur to Tripolia Gate, which will be about 2.2km long and will decongest the traffic between central and north Delhi. This elevated road, part of the double-decker viaduct being built between Azadpur and Rani Jhansi Road intersection, will help eliminate the existing traffic problem by increasing the road capacity. The official said the development would benefit residents of Derawal Nagar, Vijay Nagar, Rana Pratap Bagh and neighbouring localities along GT Road by eliminating traffic congestion. Officials said a fresh allotment of Rs 20 crore was made for the project earlier this year and a deadline of Dec 2025 had been set for its completion. Officials pointed out that both projects were coming up in congested areas, so there were several geographical challenges that had to be overcome. Officials said the PWD minister, who would soon inspect both projects, had sought a report on the challenges along with the solutions for them.
Economic Times
30 minutes ago
- Economic Times
Stock Radar: Titan Company breaks out from 3-month consolidation; check target & stop loss for long positions
Titan Company Ltd, part of the 2-3-wheeler space, breaks out from almost 3-month consolidation on the weekly charts which has opened room for the stock to hit fresh to medium-term investors can look to buy the stock for a possible target above 3,000 levels in the next 2-4 months, suggest auto stock hit a high of Rs 2,958 on September 27, 2024, but it failed to hold the momentum. It closed at Rs 2,839 on June 24,
