Adani Group News: Adani Group has shown interest in acquiring Jaiprakash Associates Limited (JAL) through the insolvency process. JAL, the flagship company of Jaypee Group in cement, energy, hotels, construction and real estate business, has been admitted to corporate insolvency resolution proceedings under the Insolvency and Bankruptcy Code, 2016 by an order passed by the National Company Law Tribunal, Allahabad Bench on June 3, 2024.
News agency PTI reported quoting sources that Adani Group has filed an expression of interest (EOI) to acquire the bankrupt JL. Earlier this month, the National Company Law Tribunal (NCLT) had directed that the resolution plan to acquire JAL through insolvency should be invited for the entire company as a going concern and not by splitting its various business verticals.
As of February 20, 2025, JAL's total outstanding debt from banks and financial institutions stood at Rs 55,493.43 crore. The company recently informed that a consortium of lenders has recently transferred its outstanding loans to National Asset Reconstruction Company Limited (NARCL).
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The consortium includes SBI, IDBI Bank, Axis Bank, PNB, LIC, Canara Bank, Bank of Maharashtra, IFCI, UCO Bank, ICICI Bank, South Indian Bank, Punjab & Sind Bank, Jammu & Kashmir Bank, CDB Karur Vysya Bank, Standard Chartered Bank, XIM Bank, IndusInd Bank, Indian Overseas Bank, Bank of India, Indian Bank, Bank of Baroda, Union Bank of India, Central Bank of India and SREI Equipment Finance Limited.
The total amount of loans transferred to NARCL has not been disclosed.
Another JP Group company, JP Infratech has already been acquired by Mumbai-based Suraksha Group through the bankruptcy process. The Adani Group is also in talks to buy real estate firm Emaar India, which is part of Dubai-based Emaar Properties.
(With Inputs From PTI)