Embattled Jaiprakash Associates’ assets have drawn the attention of 26 prospective companies, vying to take control of the debt-laden firm, possibly as a single business unit. The first list of bidders span large conglomerates like Adani Enterprises, Naveen Jindal Group (Jindal Power), GMR and Vedanta; new businesses like yoga guru Baba Ramdev’s Patanjali Ayurveda, real estate companies, asset reconstruction entities, PEs, NBFCs and a consortium.
Some of the other big names include Dalmia Cement (Bharat) Ltd – a previous buyer of Jaiprakash’s cement assets in a deal that now stands rescinded. Dalmia Cement had earlier expressed interest to rebid for Jaiprakash’s cement assets, after it called off a tolling arrangement last year when JAL went into corporate insolvency proceedings.
Real estate contributed nearly 14 per cent of Jaiprakash’s turnover in FY 24, whereas some of its lucrative businesses such as cement remain mostly non-operational. The hospitality venture remains profitable. Currently, the company has four cement plants, thermal power plants and few leased limestone mines located in Madhya Pradesh.
Now in the fray are non-banking financial companies like Authum Investment and Infrastructure Ltd; Singapore-based investment entity India Opportunities XII Investments PTE; and power companies like BC Jindal Group’s Jindal India Power (formerly Jindal India Thermal Power Ltd), Torrent Power.
Asset reconstruction companies like ARCIL (Asset Reconstruction Company of India Ltd) and JC Flowers ARC; and PE player Kotak Alternate Asset Managers have been shortlisted too.
Real estate players like Oberoi Realty and Jaypee Infratech are also in the fray, as per the latest updates by JAL to the bourses.
Some of the lesser-known entities include Sherisha Technologies Private Ltd , Jaithari Thermal Power, Dickey Asset Management Company Pvt Ltd and Winchain Infrastructures Pvt Limited.
The only consortium to have bid is that of Winro Commercial (India) and Parakh Advisors.
Several Delhi, NCR and Uttar Pradesh-based entities like Rashmi Metalliks, Sigma Corporation and PNC Infratech are also in fray.
Spiralling Debt
Jaiprakash, headquartered in Uttar Pradesh, has been battered by a combination of mounting debt and stalled projects.
Now amongst the largest corporate insolvency cases, Jaiprakash Associates is a key entity within the Jaypee Group. The conglomerate has dues outstanding of over ₹57,000 crore.
A consortium of lenders, led by SBI, transferred the dues to National Asset Reconstruction Company Limited (NARCL) – commonly called India’s Bad Bank at ₹12,700 crore.
“Certain issues pertaining to the expressions of interest have been noted,” a notice by Jaiprakash to the bourses said, implying behind-the-scenes wrangling that could whittle down the field. Under Regulation 36A of the CIRP rules, prospective resolution applicants have until April 9 to lodge objections to the list, supported by documentation.
The National Company Law Tribunal (NCLT) has held that Jaiprakash must be sold as a single-entity, rather than being broken up into separate business clusters.
Published on April 6, 2025
