Adani, Patanjali Among 26 Companies Scouting for Acquisition of Jaiprakash Associates
In a keenly contested corporate battle, as many as 26 companies, including Gautam Adani's Adani Enterprises, Anil Agarwal's Vedanta, and Baba Ramdev's Patanjali Ayurveda, have shown expressions of interest (EoIs) to buy the embattled Jaiprakash Associates Ltd (JAL), whose debt piled up during its heyday under the Jaypee Group. The company, the flagship of the erstwhile prospering Jaypee Group, is facing insolvency proceedings launched by the National Company Law Tribunal (NCLT), Allahabad Bench, under the Corporate Insolvency Resolution Process (CIRP).
The insolvency process was initiated following JAL's default on loans worth an astonishing Rs 57,185 crore. The case was admitted by NCLT on June 3, 2024, and an orderly process to shortlist eligible Prospective Resolution Applicants (PRAs) is now in progress. As per a recent JAL filing, the list of provisional PRAs has been published pursuant to Regulation 36A (10) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Some of the important players in this race are large Indian conglomerates and investment houses. Besides Adani Enterprises and Vedanta Ltd, some of the prominent players include Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, Kotak Alternate Asset Managers, Torrent Power, GMR Business & Consultancy LLP, Oberoi Realty, and Patanjali Ayurveda.
Some other participants are Asset Reconstruction Company (India) Ltd, Authum Investment & Infrastructure Ltd, Dickey Asset Management Pvt Ltd, J C Flowers Asset Reconstruction Pvt Ltd, India Opportunities XII Investments Pte Ltd, Jaithari Thermal Power, Oriental Structural Engineers, Rashmi Metaliks, Sherisha Technologies, Sigma Corporation, PNC Infratech, Winchain Infrastructures, and a win-win group formed between Winro Commercial (India) Ltd and Parakh Advisors Pvt Ltd.
Headed the list of creditors is the National Asset Reconstruction Company Ltd (NARCL), which has acquired JAL's soured loans from a group of lenders, including the State Bank of India (SBI).
JAL's business interests are diversified across cement production, real estate, hospitality, and engineering and construction. It has significant assets like Jaypee Greens in Greater Noida, the large Jaypee Greens Wishtown in Noida, and the strategically positioned Jaypee International Sports City close to the upcoming Jewar International Airport. It also has five hotel properties in Delhi NCR, Mussoorie, and Agra.
In the cement business, JAL operates four factories in Madhya Pradesh and Uttar Pradesh and leased limestone mines in Madhya Pradesh. The factories are lying idle at present.
The company's debt tally was at Rs 55,409.28 crore as of March 11, 2025, and does not include interest and penalties. JAL also has investments in several subsidiaries such as Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.
Notably, JAL’s real estate arm, Jaypee Infratech, has already been acquired by Mumbai-based Suraksha Group through a previous insolvency process. Suraksha is now tasked with delivering approximately 20,000 stalled housing units in Noida and Greater Noida.
The interest from heavyweight conglomerates and investment firms signals a keen competition ahead to acquire JAL’s diverse and strategically significant assets.
