Top business groups including JSW, Dalmia Bharat, Jindal Power, Vedanta, GMR, Welspun and Torrent have submitted expressions of interest for Jaiprakash Associates Ltd.
By Aniket Chakraborty
Mar 22, 2025
The Adani Group is expected to join the race before the final deadline of March 25, alongside another large Delhi-based industrial house and Kotak Alternate Assets.
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JAL's assets are estimated to be worth over $2 billion (approximately Rs 17,300 crore) and will be sold through a court-monitored insolvency process.
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The NCLT has instructed Deloitte-backed resolution professional Bhuvan Madan to invite resolution plans for the company as a whole rather than selling individual assets.
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JAL's portfolio includes the Buddh International Circuit in Greater Noida, famous for hosting Formula One races.
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A massive 2,500-acre land parcel along the Noida Expressway is among the coveted assets up for acquisition.
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The company owns cement plants with an annual production capacity of 10 million tonnes and five luxury hotels.
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JAL was admitted for insolvency proceedings following a plea by ICICI Bank after the company defaulted on loan repayments.
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The company's total debt amounts to approximately Rs 48,000 crore, including principal, interest, and penalties accumulated over several years.
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JAL's creditor consortium of 25 lenders transferred their dues to the National Asset Reconstruction Co Ltd (NARCL) on March 12 to expedite the resolution process.