Battle for Jaiprakash Associates: Companies Vie for Insolvent Conglomerate
Companies, including Adani Enterprises, Vedanta, and Jindal Power, have submitted bids to acquire Jaiprakash Associates through an insolvency process. Creditors, led by the National Asset Reconstruction Company Ltd, are claiming Rs 57,185 crore. The company had varied business interests and defaulted on loans, triggering insolvency proceedings.
- Country:
- India
Jaiprakash Associates, a conglomerate with interests in real estate, cement, and hospitality, has attracted bids from top companies due to its insolvency process. Among the bidders are industry giants like Adani Enterprises and Vedanta.
As creditors claim Rs 57,185 crore, the race to acquire the defunct company intensifies. The National Asset Reconstruction Company Ltd (NARCL) is leading the creditors after acquiring stressed loans from a consortium including State Bank of India.
While many are vying for the conglomerate's assets, key infrastructure projects like Jaypee Greens in Greater Noida add value. Despite showing initial interest, some, such as Patanjali Ayurved, opted out of the bidding.
(With inputs from agencies.)
- READ MORE ON:
- Jaiprakash
- Adani
- Vedanta
- Jindal Power
- insolvency
- bids
- real estate
- cement
- hospitality
- NARCL
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