Adani, Vedanta and Patanjali
26 companies including Gautam Adani Group, Anil Aggarwal’s company Vedanta and Yoga Guru Ramdev’s company Patanjali Ayurved have shown interest in the acquisition of debt -ridden Jayaprakash Associates Limited (Jal). JAL has given this information to the stock markets. Other major companies showing interest in the acquisition include Ahmedabad -based Torrent Group, Jindal Power, Dalmia Cement, GRM Business, Oberoi Realty and Kotak Alternate Asset Managers Limited.
JAL has released a temporary list of eligible potential solution applicants (PRAs) under Regulations, 2016, the JAL (insolvency process for corporate units), 2016. The Allahabad bench of the National Company Law Tribunal (NCLT) ordered to initiate a corporate insolvency solution process against JAL on June 3, 2024, as the company missed out on paying outstanding loans. The creditors have claimed a total of Rs 57,185 crore, with the National Assets Reorganization Company Limited (NARCL) at the forefront of the list of contenders, after taking JAL’s stressed loans from a group of State Bank of India (SBI) -led lenders.
These companies showed interest
Among the companies expressing acquisition, Adani Enterprises Limited, Dalmia Cement (India) Limited, GMR Business and Consultancy LLP, JP Infratech, Jindal India Power Limited, Jindal Power Limited, Kotak Esset Managers Limited, Oberoi Realty Ayurved Limited, Torrevad Limited, Torrent Power and Vedanta Limited are prominent. Apart from these, Consortium of Asset Reconstruction Company (India) Limited, Autham Investment and Infrastructure Limited, Vinaro Commercial (India) Limited and Parikh Advisors Private Limited, Consortium, Dicky Asset Management Private Limited, India Opportunity Investments PTT Limited, JC Flover Limited Limited Limited, Jaithri Thermal Power, Oriental Structural Engineers, West Sea Properties, PNC Infratech, Rashmi Metallix, Sherisha Technologies, Sigma Corporation and Vinchain Infrastructure.
Jal has many real estate projects
JAL has important real estate projects such as JP Greens in Greater Noida, JP Greens Vishtown in Noida and JP International Sports City. It has three commercial/industrial office site in Delhi NCR, and five hotel assets in Delhi NCR, Mussoorie and Agra. It has four cement production plants in Madhya Pradesh and Uttar Pradesh, which are not currently operational, and there are some leased limestone mines in Madhya Pradesh. JAL has invested in subsidiary companies like Jayaprakash Power Ventures Limited, Yamuna Expressway Toling Limited, JP Infrastructure Development Limited as well as some other companies as well as some other companies. According to Jayaprakash Associates, his total outstanding loan on financial institutions was Rs 55,409.28 crore by March 11, 2025. Another Jaypee Group company, JP Infratech, has already been acquired by the Mumbai -based security group through the insolvency process, which is to complete a stalled projects of about 20,000 flats in Noida and Greater Noida.
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