Billionaire Gautam Adani-led Adani Group has reportedly emerged as the highest bidder in the race to acquire Jaiprakash Associates. The list of potential buyers who submitted bids included Adani Group, Vedanta, JSPL (Naveen Jindal), Suraksha Group, Dalmia Bharat, and PNC Infratech.Jaiprakash Associates Ltd (JAL), a financially stressed infrastructure and real estate firm which is undergoing insolvency proceedings, received six resolution proposals. The Adani Group’s bid stands at Rs 12,500 crore, according to sources quoted in a Business Standard report. The acquisition proposals, which were submitted on Tuesday June 24, aim to take over the entire company. The case has garnered significant attention in the insolvency sector, with total claims amounting to Rs 57,185 crore.JAL has prestigious properties including Jaypee Greens in Greater Noida, sections of Wishtown in Noida, and the Jaypee International Sports City, situated advantageously near the upcoming Jewar International Airport. Their property portfolio extends to hospitality establishments across Delhi-NCR, Agra, and Mussoorie, alongside three commercial properties and four inactive cement manufacturing facilities in Uttar Pradesh and Madhya Pradesh.The National Asset Reconstruction Company Ltd. (NARCL), having acquired JAL’s debt of Rs 12,000 crore in March from 90% of creditors including State Bank of India, stands as the primary claimant. The creditor list encompasses Asset Care & Reconstruction Enterprise (ACRE), Arcil, foreign commercial lenders of SBI and Bank of Baroda, along with numerous homebuyers.Whilst approximately twenty potential investors, including Kotak Alternate Asset Managers and Oberoi Realty, showed initial interest, they ultimately chose not to submit final bids, according to an ET report.
