Jaiprakash Associates acquisition: Adani Enterprises, Vedanta, and Jindal Power in the fray

On Tuesday, PTI reported that sources had said that billionaire Gautam Adani's group firm, Adani Enterprises; mining mogul Anil Agarwal's Vedanta; Dalmia Bharat Cement; and Jaypee Infratech had submitted their bids.

PNC Infratech is also believed to have put in its bid.

Lenders of Jaiprakash Associates Ltd (JAL) met on Wednesday to open the bids submitted by the interested parties. The last date was June 24.

The resolution plan of Jaypee Infratech Ltd, which has been acquired by Mumbai-based Suraksha Group, may get rejected as it has not fulfilled certain criteria.

In April, as many as 25 companies showed interest in acquiring JAL.

Baba Ramdev-led Patanjali Ayurved, however, did not submit the resolution plan after showing initial interest.

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.

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

Creditors are claiming a staggering ₹57,185 crore.

The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI).

JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport.

It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra.

JAL has four cement plants in Madhya Pradesh and Uttar Pradesh and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational.

It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies.

Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.

Jaiprakash Associates: Recent updates

In May 2025, lenders of Jaiprakash Associates approved a budgeted cash outflow of ₹936.27 crore for the current quarter to ensure that the company remains a going concern.

According to a regulatory filing, Jaiprakash Associates informed that a Committee of Creditors (COC) has approved "the budgeted cash outflows of the Corporate Debtor for the period from April 01, 2025, to June 30, 2025, of up to INR 936.27 crores".

This includes regular operational expenses of ₹856.73 crores plus one-time expenses of ₹79.54 crores.

The cash outflow is to "ensure that the business continues as a going concern, which would form part of 'insolvency resolution process costs' under the Insolvency and Bankruptcy Code, 2016", the company said.