Latest news with #JaiprakashAssociatesLimited
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Business Standard
05-08-2025
- Business
- Business Standard
CCI approves Dalmia's proposal to acquire Jaiprakash Associates
The Competition Commission of India (CCI) on Tuesday approved the acquisition of Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited, a press statement said. JAL is currently undergoing insolvency resolution proceedings. The CCI's approval for Dalmia's proposal comes ahead of the committee of creditors' (CoC) final decision on selecting a successful bidder. The Adani Group's application for the same acquisition is still under review by the antitrust regulator. 'The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited (Acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016,' the CCI's press statement said. The CCI added that a detailed order will follow. JAL is engaged in diverse business activities including real estate, cement, hospitality, and engineering, procurement and construction. Dalmia Cement is a wholly owned subsidiary of Dalmia Bharat Limited (DBL), which is the ultimate parent entity of the Dalmia Bharat Group. DBL is primarily engaged in the manufacture and sale of cement. JAL entered insolvency on 3 June 2024. Besides the Adani and Dalmia groups, Vedanta Group, Jindal Steel & Power Ltd (JSPL), and PNC Infratech have also submitted resolution plans for the beleaguered conglomerate. After the last meeting with bidders, lenders had asked all resolution applicants to submit revised resolution plans without any conditionalities and with a definitive bid amount, according to sources. Most bids remain contingent on the outcome of a key legal case concerning Jaiprakash's 1,000-hectare Sports City project in Greater Noida. In March, the Allahabad High Court upheld a decision by the Yamuna Expressway Industrial Development Authority (Yeida) to cancel the land allotment. The matter is currently pending before the Supreme Court. Following a recent Supreme Court ruling, resolution applicants are now expected to secure CCI approval for their plans before seeking approval from the CoC. However, the Ministry of Corporate Affairs is expected to amend this provision in the proposed Insolvency and Bankruptcy Bill to clarify that prior permission from the CCI is not required for submitting bids under the CIRP.
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Business Standard
05-08-2025
- Business
- Business Standard
CCI approves Dalmia Cement's acquisition of Jaiprakash Associates
The Competition Commission of India (CCI) on Tuesday approved the acquisition of Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited, a press statement said. JAL is currently undergoing insolvency resolution proceedings. The CCI's approval for Dalmia's proposal comes ahead of the committee of creditors' (CoC) final decision on selecting a successful bidder. The Adani Group's application for the same acquisition is still under review by the antitrust regulator. 'The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited (Acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016,' the CCI's press statement said. The CCI added that a detailed order will follow. JAL is engaged in diverse business activities including real estate, cement, hospitality, and engineering, procurement and construction. Dalmia Cement is a wholly owned subsidiary of Dalmia Bharat Limited (DBL), which is the ultimate parent entity of the Dalmia Bharat Group. DBL is primarily engaged in the manufacture and sale of cement. JAL entered insolvency on 3 June 2024. Besides the Adani and Dalmia groups, Vedanta Group, Jindal Steel & Power Ltd (JSPL), and PNC Infratech have also submitted resolution plans for the beleaguered conglomerate. After the last meeting with bidders, lenders had asked all resolution applicants to submit revised resolution plans without any conditionalities and with a definitive bid amount, according to sources. Most bids remain contingent on the outcome of a key legal case concerning Jaiprakash's 1,000-hectare Sports City project in Greater Noida. In March, the Allahabad High Court upheld a decision by the Yamuna Expressway Industrial Development Authority (Yeida) to cancel the land allotment. The matter is currently pending before the Supreme Court. Following a recent Supreme Court ruling, resolution applicants are now expected to secure CCI approval for their plans before seeking approval from the CoC. However, the Ministry of Corporate Affairs is expected to amend this provision in the proposed Insolvency and Bankruptcy Bill to clarify that prior permission from the CCI is not required for submitting bids under the CIRP.
India.com
23-07-2025
- Business
- India.com
Masterstroke by Gautam Adani, plans to acquire THIS giant company, Cement plant, hotel, power, real estate will be..., sought CCI approval for...
Gautam Adani's Big Move, this company of Adani Group allots 1.08 crore shares to…, raises Rs 12090000000 by… New Delhi: The Gautam Adani-led Adani Group is working relentlessly to expand its business. The country's third-largest industrial conglomerate is reportedly preparing to acquire the debt-ridden company Jaiprakash Associates Limited (JAL). The group has submitted an unconditional bid for the acquisition and has sought approval for the deal from the Competition Commission of India (CCI). It is important to note that Jaiprakash Associates Limited has a debt of over Rs 50,000 crore. Jaiprakash Associates Limited is currently undergoing the Corporate Insolvency Resolution Process (CIRP), as it has been unable to repay its debt. As per the information submitted to the CCI, the Adani Group intends to purchase 100 percent of the shares of the company. The acquisition will be carried out either by the group's flagship company, Adani Enterprises Limited, or Adani Infrastructure and Developers Private Limited. Jaiprakash Associates is a major infrastructure company that operates in sectors such as engineering, construction, cement, power, real estate, and hospitality. Here are some of the key details: Adani Enterprises, Adani Infrastructure and Developers, and Jaiprakash Associates have informed the CCI that this deal will not have any adverse impact on market competition. Dalmia Cement (Bharat) Limited also sought approval from CCI to acquire Jaiprakash Associates last month. Dalmia Cement aims to acquire the entire stake of Jaiprakash Associates The deal includes its assets as well as its stakes in subsidiaries and joint ventures. Earlier, the lenders of Jaiprakash Associates had rejected a proposal from JP Infratech, in which it had expressed interest in acquiring Jaiprakash Associates. Five companies — Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power, and PNC Infratech — have submitted their plans to acquire Jaiprakash Associates. Jaiprakash Associates and the debt: Following an order by the National Company Law Tribunal (NCLT), Allahabad Bench, Jaiprakash Associates was admitted into insolvency proceedings on June 3, 2024. The main reason why the company was taken into insolvency because it failed to repay its debts. Jaiprakash Associates has a total debt of Rs 57,185 crore. The National Asset Reconstruction Company Limited (NARCL) is the top creditor. NARCL purchased the company's debt from a group of lenders led by the State Bank of India (SBI). Jaiprakash Associates Jaiprakash Associates has major real estate projects such as JP Greens in Greater Noida, JP Greens Wish Town in Noida, and JP International Sports City near the Jewar International Airport. In addition, the company owns three commercial/industrial office spaces in Delhi-NCR. In the hospitality sector, it operates five hotels in Delhi-NCR, Mussoorie, and Agra.
Business Upturn
06-05-2025
- Business
- Business Upturn
Jaiprakash Associates shares fall over 5% after NHAI dispute over Rs 1,461 crore project claims
By Aditya Bhagchandani Published on May 6, 2025, 10:12 IST Shares of Jaiprakash Associates Limited declined by 5.11% to ₹3.16 in Monday's trade after the company disclosed a major financial dispute with the National Highways Authority of India (NHAI) over the four-laning of the Varanasi-Gorakhpur section of NH-29. The company revealed it has submitted claims worth ₹1,461.63 crore to NHAI for delays and cost overruns. These include deployment of resources for removal of encroachments, damages due to delayed land acquisition, and additional costs arising from revised minimum wages and extended project timelines. Meanwhile, NHAI has countered with claims worth ₹892.24 crore citing alleged delays, revenue losses, and consultancy costs. The matter has now been referred to the Conciliation and Settlement Committee of Independent Experts, set up by NHAI, in an attempt to amicably resolve the dispute. Jaiprakash Associates is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. ICICI Bank had filed the insolvency petition in 2018 over an outstanding financial debt of ₹1,269.10 crore. As a result, the company's board remains suspended, and its affairs are being handled by a resolution professional. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Hindustan Times
03-05-2025
- Business
- Hindustan Times
YEIDA steps in to revive 12 stalled Jaiprakash Associates Limited projects, bringing hope to thousands of homebuyers
A ray of hope has emerged for thousands of homebuyers who have been waiting for years to take possession of their stalled homes launched by the embattled firm Jaiprakash Associates Limited projects along the Yamuna Expressway. The Yamuna Expressway Industrial Development Authority (Yeida) has announced that it will step in with its own funds to complete 12 unfinished projects that the Jaypee Group failed to deliver. To further support affected buyers, Yeida will also launch a dedicated online portal, offering a centralized platform for real-time updates, official communication, and refund requests, a report published in the Hindustan Times newspaper said. During a meeting with affected homebuyers on May 2, Yeida CEO Arun Vir Singh addressed concerns around appointing a new developer and resolving grievances. 'In line with the directives of the Allahabad High Court, Yeida has committed to funding the construction work to ensure timely delivery of flats,' said Singh. 'Our aim is to provide homebuyers with a hassle-free resolution—whether they choose to exit with a refund or take possession of their homes. The new portal will keep buyers informed without requiring them to visit our offices.' Yeida has hired a consulting firm Currie & Brown to conduct a comprehensive ground survey and assess the current condition of these housing schemes. The firm is expected to submit its report within 15 days. 'Following this, a request for proposal (RFP) will be drafted to select a new developer under the Engineering, Procurement, and Construction (EPC) model to complete the construction,' Singh told the newspaper. 'We booked a flat in this project in 2011 with the hope of getting possession in 2014. But we have been struggling since then to get justice. In 2020 Yeida cancelled the lease of the project land. Jaypee took the matter to the Allahabad high court, which had ordered Yeida to build the project. Now we hope to get possession as Yeida has promised and is ready to infuse funds. There are 8,000 homebuyers who are in distress due to the fault of Jaypee Associates Limited,' said Shamendra Singh, general secretary of Jaypee Sports City welfare society, who met the CEO on May 2, was quoted as saying by Hindustan Times. Through the dedicated online portal, officials said, affected homebuyers will be able to submit details such as project registration, payment history with the previous developer, and their preference to either continue with the project or opt out. Following an order by the Allahabad High Court, Jaiprakash Associates Limited (JAL) has officially lost control of the project, as the court upheld Yeida's decision to cancel the lease. The lease is now in Yeida's name, giving the authority full mandate to take over and complete the stalled development. A High Court-mandated committee will now supervise the completion of these projects. 'Due to non-payment of dues, Yeida cancelled the land allotment in February 2020. Earlier this year, the Allahabad High Court upheld this cancellation and directed the authority to take over and complete the housing projects,' Singh explained at the meeting. The authority has named Amarpal, who has been representing the buyers in the National Company Law Tribunal (NCLT) proceedings, as the authorised representative of the homebuyers on the high court-mandated committee. 'A sub-committee of various homebuyers' associations has been formed to protect buyer interests and coordinate with the authority, Amarpal will be the sole representative on the formal committee. OSD Shailendra Bhatia has been appointed as the nodal officer to address homebuyers' complaints and ensure smooth execution of the revival process,' Singh said. The high-level oversight committee includes the principal secretary of Industrial Development, chairman of UP-RERA or a nominated representative, Yeida CEO Arun Vir Singh, a representative from the housing department, and the authorised homebuyer representative. The authority also plans to go ahead with developing international-standard sports infrastructure as originally planned. In its March 10 order, the Allahabad High Court upheld YEIDA's decision to cancel the allotment of 1,000 hectares of Special Development Zone land previously held by Jaiprakash Associates Limited (JAL), citing the developer's failure to clear outstanding dues. The court directed YEIDA to take over all unfinished projects on the land and ensure their completion within a set timeline. Additionally, it declared the period from February 2020—when JAL's allotment was cancelled—to March 2024, the date of the court's ruling, as a 'zero period.' As a result, homebuyers will not be liable to pay interest on their dues to the developer for this duration. Also Read: Jaypee Infra projects update: Suraksha Group to invest ₹5500 cr to complete 20,000 delayed houses in three years To recall, the case goes back to 2008, when Yeida allotted about 1,000 hectares of land under the Special Development Zone (SDZ) to Jaypee International Sports, a subsidiary of JP Associates, to build a sports city. This resulted in the construction of the Buddh International Circuit, which hosted a MotoGP race in 2023 but several residential developments were never completed.
