The Indian business world has been abuzz with the news that 26 companies have expressed interest in acquiring debt-laden Jaiprakash Associates Limited (JAL), which is currently undergoing insolvency proceedings.
- Some of the interested companies include:
- Adani Enterprises
- Torrent Group
- Jindal Power
- Dalmia Cement
- Oberoi Realty
- GRM Business
- Kotak Alternate Asset Managers
These companies have shown interest in acquiring the debt-laden company, which has a total claims against it of Rs 57,185 crore.
| Company | Total Claims |
|---|---|
| Adani Enterprises | Rs 4,600 crore |
| Torrent Group | Rs 1,300 crore |
| Jindal Power | Rs 1,800 crore |
| Dalmia Cement | Rs 1,800 crore |
| Oberoi Realty | Rs 2,100 crore |
| GRM Business | Rs 900 crore |
| Kotak Alternate Asset Managers | Rs 1,100 crore |
The National Company Law Tribunal (NCLT) had admitted JAL into the Corporate Insolvency Resolution Process (CIRP) on June 3, 2024, after the company defaulted on repayment of massive loans.
“We are pleased to announce that our company has submitted an expression of interest to acquire Jaiprakash Associates Limited. We believe that our group has the capabilities and expertise to restructure the company and take it to the next level,” said a spokesperson for Patanjali Ayurveda.
The company has a significant presence in various sectors, including real estate, cement manufacturing, hospitality, and engineering and construction. Key Sectors:
- Real Estate
- Cement Manufacturing
- Hotel Operations
- Engineering and Construction
Highlights of JAL’s Assets:
- Jaypee Greens in Greater Noida and parts of Jaypee Greens Wishtown in Noida
- Jaypee International Sports City near the upcoming Jewar International Airport
- Commercial and office properties in the Delhi NCR region
- Five hotels in Delhi NCR, Mussoorie, and Agra
As of March 11, 2025, the total outstanding loans to financial institutions stood at Rs 55,409.28 crore, with the National Asset Reconstruction Company Limited (NARCL) being the largest claimant with a claim of Rs 12,000 crore.
Corporate Insolvency Resolution Process (CIRP):
The CIRP is a legal process that allows a company to be liquidated and sold off its assets to pay off its creditors. Insolvency and Bankruptcy Board of India (IBBI):
The IBBI is a regulator that oversees the insolvency and bankruptcy process in India. National Company Law Tribunal (NCLT):
The NCLT is a tribunal that hears cases related to corporate insolvency and bankruptcy. Insolvency and Bankruptcy Code (IBC):
The IBC is a law that governs the insolvency and bankruptcy process in India.
“JAL is a significant player in the real estate and cement sectors, and we are excited to explore the possibility of acquiring it. We believe that our group has the capabilities and expertise to restructure the company and take it to the next level,” said a spokesperson for Adani Enterprises. “We are pleased to announce that our company has submitted an expression of interest to acquire Jaiprakash Associates Limited. We believe that our group has the capabilities and expertise to restructure the company and take it to the next level,” said a spokesperson for Patanjali Ayurveda. As the process of acquiring JAL unfolds, it will be interesting to see which company emerges as the winner and how it plans to restructure the company.