The Adani group is known to have submitted a preliminary bid within the vary $2.4-2.6 billion for Jaiprakash Associates (JAL), which is present process insolvency proceedings, sources stated.
The final date for submitting expressions of curiosity was March 25; over 20 potential bidders are additionally reportedly within the fray.
Sources stated that Adani Group’s curiosity stemmed from JAL’s companies, which would increase its present portfolio, equivalent to cement, energy, and actual property.
Substantial belongings
Jaiprakash Associates was admitted to the chapter court docket in 2024 following an insolvency petition filed by ICICI Financial institution. Since then, it has attracted appreciable curiosity from different company homes because it has created substantial belongings within the areas through which it operated.
In January 2025, the Nationwide Asset Reconstruction Firm emerged as the only real bidder to take over the burdened loans of JAL for ₹12,000 crore, which was a serious breakthrough for lenders. Nonetheless, the insolvency course of has continued and the deadline within the EoI, issued in February 2025, was prolonged to permit extra bidders to take part.
Collectors have made claims value over ₹57,000 crore, reportedly owed to them by the corporate.
Based on the EoI paperwork, JAL’s engineering and development enterprise has initiatives in hydropower, irrigation, roads, and tunnels. It has 17 ongoing initiatives. Beneath its actual property enterprise, it has a number of initiatives unfold over lots of of acres, in addition to business, industrial properties, and several other inns.
It has 4 cement models and limestone mining leases in Madhya Pradesh.
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