Bidders Rush to Acquire Jaiprakash Associates Amidst Insolvency
Jaiprakash Associates Ltd (JAL) is attracting several high-profile bidders including Adani Group and Vedanta through an insolvency process. Despite interest from 25 companies, Patanjali Ayurved did not submit a resolution plan. The creditors are claiming Rs 57,185 crore with the National Asset Reconstruction Company Ltd leading the claims.
- Country:
- India
In a high-stakes race, industry giants such as Adani Group, Vedanta, and Dalmia Bharat Cement have submitted resolution plans for the acquisition of Jaiprakash Associates Ltd (JAL) via an insolvency process, trusted sources disclose.
The bidding war for JAL underscores the conglomerate's appeal despite its financial challenges, highlighted by a staggering Rs 57,185 crore owed to creditors. Among the potential acquirers are notable names like the Adani Enterprises and Jaypee Infratech.
Interestingly, Patanjali Ayurved, which initially showed interest, abstained from submitting a bid. As the insolvency proceedings unfold, the National Asset Reconstruction Company Ltd emerges as a principal claimant, having acquired stressed loans from the State Bank of India-led consortium.
(With inputs from agencies.)
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