Fight intensifies for Jaiprakash Associates’ assets
Bids sought were for entire operations of the debt-laden Jaiprakash Associates – which included power, cement, hospitality, Formula 1 racing track, golf course and stadium, and land parcels along the Yamuna Expressway (in Uttar Pradesh).
| Photo Credit:
PRASHANTH VISHWANATHAN
Puneet Dalmia-backed Dalmia Bharat and Gautam Adani’s Adani Enterprises are amongst the two front-runners for assets of debt-laden Jaiprakash Associates, multiple sources told businessline. With revised bids in the ₹14,000 crore range, the two conglomerates now supposedly lead the race.
Mining mogul Anil Agarwal’s Vedanta is a third with bids in the ₹12,000–13,000 crore range while Naveen Jindal-backed Jindal Power is a number four with ₹10,000-plus crore worth of bids.
Some of the bids are conditional and could be revised further.
According to those in the know, Dalmias are willing to revise bids in the ₹14,000 crore range subject to conditions that there is clarity on the ownership of nearly 1,000 hectares of litigated land. In case the land bank is not there, bids will be revised again. Around ₹2,000-odd crore revision could happen in bid prices.
upfront payment
On the other hand, Adanis have reportedly offered a substantial upfront cash payment. Adanis are looking at a cash-down of ₹11,000 crore and the remaining ₹3,000-odd later once land -related litigations are cleared.
Dalmia Bharat officials did not take calls, while Vedanta refused comment. Responses are awaited from Adani too.
“There will more negotiations with lenders in the coming days; and a challenge process will be initiated to give all lenders an equal opportunity,” sources said.
Jaiprakash, amongst India’s largest and keenly watched corporate insolvency proceedings, has dues of nearly ₹57,000 crore to banks and other financial institutions.
The National Asset Reconstruction Company (NARCL), which acquired around ₹55,000 crore of JAL’s debt by paying ₹12,000 crore in the form of cash and security receipts (15:85) in March this year, forms a 90 per cent creditor base and is the principal claimant.
Other lenders include Asset Care & Reconstruction Enterprise (ACRE), Arcil, external commercial lenders of SBI and Bank of Baroda, and a large base of homebuyers.
Bids sought were for entire operations of the debt-laden Jaiprakash Associates – which included power, cement, hospitality, Formula 1 racing track, golf course and stadium, and land parcels along the Yamuna Expressway (in Uttar Pradesh).
The Committee of Creditors (CoC) had initially seen interest from 25 parties. But after nearly 18 of them dropped out; and one bid was disqualified over lack of bank guarantees. Five bidders that include Adani Enterprises, Vedanta, Jindal Power, Dalmia Bharat Cement, and PNC Infratech, were shortlisted.
Land Bank
What makes Jaiprakash a lucrative asset is its land bank located near the upcoming Jewar airport, off Noida, Uttar Pradesh. The land has high commercial value and significance. But these allotments are now mired in litigation.
Jaiprakash’s RP was not available for comment.
More Like This
Published on July 4, 2025
Post Comment