Adani Group Emerges As Top Bidder For Jaiprakash Associates

Adani Group has emerged as the winning bidder for Jaiprakash Associates Ltd (JAL), securing the top position in lender evaluations under the ongoing insolvency proceedings, sources told NDTV Profit.

Lenders are preparing to issue a formal letter of intent to the Adani Group in the coming days, people familiar with the matter told NDTV Profit. Once the LoI is issued, the conglomerate will move into the final stages of the acquisition process, subject to regulatory and court approvals.

The diversified conglomerate outperformed rival bidders including the Dalmia Group and Vedanta, marking a significant step toward acquiring the debt-laden company.

According to people familiar with the development, the Adani Group was the only party to submit an unconditional and scored highest in lender evaluation.

Adani’s bid seeks to acquire all of Jaiprakash Associates’ assets, people in the know told NDTV Profit.

In early September, mining conglomerate Vedanta Group offered Rs 12,505 crore as net present value (NPV), in an auction carried out by lenders to find suitors for JAL, whose interests span real estate, cement, power, hotels, and road.

Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd did not bid in the auction process.

Later, the lenders held negotiations with these five players including Adani Group to enhance the bid value and maximise realisation.

On Oct. 14, these five bidders submitted fresh signed resolution plans in sealed envelopes.

JAL, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024.

The JAL was taken to insolvency proceedings after the conglomerate defaulted on payment of loans.

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