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Adani, Patanjali also in the race for acquisition of Jayaprakash Associates

by Aaryan Srivastav
April 7, 2025
Adani, Patanjali also in the race for acquisition of Jayaprakash Associates

New Delhi, 6 April (IANS). The race for the acquisition of the debt -ridden Jayaprakash Associates Limited (JAL) includes 26 companies, including a group of billionaire Gautam Adani and the FMCG sector veteran company Patanjali Ayurved.

The corporate insolvency solution process was launched by the National Company Law Tribunal (NCLT), Allahabad Bench on 3 June 2024 for the major company Jayaprakash Associates, which is trading in areas such as real estate, cement manufacturing, hospitality and engineering and construction.

Action was initiated by the company after a lapse in repayment of loans.

JAL has told the stock market that companies like Adani Enterprises, Torrent Group, Jindal Power, Dalmia Cement, Oberoi Realty, GRM Business and Kotak Alternate Asset Managers have presented their interest to take the company under their control.

The provisional (potential) list of eligible potential applicants participating in the solution process has been released under the rules of the Indian Insolvency and Bankruptcy Board.

The total claims by the creditors against Jayaprakash Associates are Rs 57,185 crore, which is shocking. The largest contender is the National Asset Reconstruction Company Limited (NARCL), which bought JAL’s stressed loans from a consortium of banks led by State Banks of India.

Apart from Patanjali Ayurved and Adani Enterprises, other interested bidders include JP Infratech, GMR Business and Consultancy, Jindal India Power, Asset Reconstruction Company (India) and many asset management firms and infrastructure companies.

JAL has major real estate assets like JP Greens in Greater Noida, Uttar Pradesh, parts of JP Greens Vishtown in Noida and JP International Sports City, located near Jewar International Airport under construction.

The company also has commercial and office assets in the Delhi NCR region. She operates five hotels in Delhi NCR, Mussoorie and Agra.

In the cement segment, JAL has four plants in Madhya Pradesh and Uttar Pradesh, as well as limestone mines on lease. However, these cement units are not currently operational.

The company also has an investment in subsidiaries like Jayaprakash Power Ventures Limited, Yamuna Expressway Toling Limited and JP Infrastructure Development Limited.

Till March 11, the total outstanding loan to financial institutions was Rs 55,409.28 crore. It is noteworthy that JP Infratech, another JP group company, has already been acquired by a Mumbai -based security group through a separate insolvency process.

-IANS

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