Adani Group Intensifies Race to Buy Jaiprakash Associates, Submits ₹12,600 Cr Unconditional Bid

Billionaire Gautam Adani-led Adani Group has intensified the race to acquire Jaiprakash Associates (JAL) as the port-to-power conglomerate has submitted an unconditional bid. The conglomerate has offered ₹12,600 crore to buy the Jaypee Group, which is currently undergoing an insolvency process. This comes after the committee of creditors (CoC) asked the bidders to revise their financial offers, the Economic Times reported. 

“The CoC has asked all bidders to revise and improve their financial offers,” ET reported, citing people aware of the development.

Other Companies in Race 

Apart from the Adani Group, the stake sale race has participants like Dalmia Bharat, Vedanta, Jindal Power, and PNC Infratech. So far Dalmia Bharat is leading the race with a ₹14,600 crore offer. Vedanta, Jindal Power, and PNC Infratech have reportedly offered ₹12,500 crore, ₹10,300 and ₹9,500 crore, respectively. 

But these bids are subject to the outcome of a case involving Jaiprakash’s 1,000-hectare Sports City Project in Greater.  

JAL was admitted under the insolvency process in 2024 after it defaulted on payments of loans. Presently, its total claim is ₹57,185 crore. 

The JAL had initially attracted around 25 suitors, but presently the number has come down to five. The insolvent group has attracted big corporates mainly due to its strategic importance in the Delhi-NCR region. The financially troubled conglomerate’s businesses span across different sectors, including real estate, cement and sports-related infrastructure. JAL’s real estate division includes Jaypee Greens, Jaypee Greens Wish Town Noida and Jaypee Greens Sports City, which hosted India’s first F1 race. It has three commercial/industrial office properties in Delhi-NCR, and its hotel division spans Delhi-NCR, Mussoorie, and Agra. 

The insolvent conglomerate has a total of four cement plants in Madhya Pradesh and Uttar Pradesh, all of these are non-operational.