New Delhi, April 6 – The race to acquire the embattled infrastructure giant Jaiprakash Associates Ltd (JAL) has drawn heavyweight contenders, including Gautam Adani's Adani Enterprises, Anil Agarwal’s Vedanta Ltd, and Baba Ramdev's Patanjali Ayurveda, along with 23 others, as the company undergoes insolvency proceedings.
26 Suitors Eye JAL's Stressed Assets
According to a stock exchange filing, a total of 26 entities have submitted Expressions of Interest (EoIs) to acquire JAL, which is currently facing insolvency proceedings due to massive loan defaults. These bidders were listed in the provisional list of eligible Prospective Resolution Applicants (PRAs), in line with Regulation 36A (10) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.JAL entered the Corporate Insolvency Resolution Process (CIRP) following an order from the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3, 2024, after defaulting on loan repayments.
Major Names in the Fray
Besides Adani Enterprises, Vedanta, and Patanjali, other prominent contenders include:- Torrent Group
- Jindal Power
- Dalmia Cement (Bharat)
- GMR Business & Consultancy LLP
- Kotak Alternate Asset Managers
- Oberoi Realty
- Jaypee Infratech (a part of the same Jaypee Group)
- Asset Reconstruction Company (India) Ltd
- Authum Investment & Infrastructure Ltd
- J C Flowers Asset Reconstruction Pvt Ltd
- India Opportunities XII Investments Pte Ltd
Massive Debt on the Books
JAL's outstanding loans to financial institutions stood at a staggering ₹55,409.28 crore as of March 11, 2025. The total creditor claims amount to ₹57,185 crore, with the National Asset Reconstruction Company Ltd (NARCL) emerging as the lead claimant after acquiring a significant portion of JAL’s debt from a lender consortium headed by State Bank of India (SBI).Strategic Assets on Offer
The company owns a diverse portfolio of assets across real estate, cement, hospitality, and engineering & construction. Key highlights include:- Jaypee Greens (Greater Noida) and Jaypee Greens Wishtown (Noida)
- Jaypee International Sports City, located near the upcoming Jewar International Airport
- Five hotel properties across Delhi NCR, Mussoorie, and Agra
- Three commercial/industrial office spaces in the Delhi NCR
- Four non-operational cement plants in Madhya Pradesh and Uttar Pradesh
- Leased limestone mines in Madhya Pradesh
- Equity in subsidiaries such as Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd
Precedent: Jaypee Infratech's Resolution
JAL’s affiliate, Jaypee Infratech, was earlier acquired by the Mumbai-based Suraksha Group under a separate insolvency resolution. Suraksha Group is now responsible for completing about 20,000 pending apartment units in Noida and Greater Noida.As the resolution process progresses, industry observers will be closely watching how these bids unfold and who ultimately gains control over one of India’s most significant distressed infrastructure players.