Dalmia and Adani emerge as leading suitors in Jaiprakash Associates' asset auction; creditors push for improved, unencumbered bids
In a significant development, Jaiprakash Associates Ltd (JAL) has received bids from 24 interested parties, with the Adani Group, Vedanta, Dalmia Bharat, Jindal Steel & Power, and PNC Infratech emerging as the top contenders. The bids, which range between ₹10,000 crore and ₹16,000 crore, were submitted by mid-August 2025 [1][2][3].
The Adani Group, led by Gautam Adani, is the frontrunner with an aggressive bid reportedly between ₹12,500 crore and ₹16,000 crore. The group aims to consolidate its presence in the infrastructure and cement sectors [2][3]. Dalmia Bharat, backed by Puneet Dalmia, has also made a strong bid near ₹11,000 crore, securing approval from the Competition Commission of India (CCI) for their resolution plan [1][4].
Vedanta, Jindal Steel & Power, and PNC Infratech have also submitted resolution plans during the insolvency process [1][4]. However, Jaiprakash Associates' resolution plan may be rejected due to failure to meet certain criteria [1].
JAL's debt burden exceeds ₹57,000 crore, and its asset portfolio includes stalled real estate projects, non-operational cement units, and hospitality properties [3][4]. The company also owns multiple hotel assets in Delhi-NCR, Agra, and other strategic locations.
The ownership of nearly 1,000 hectares of litigated land is a key contention for most bidders for JAL's assets. Upward revisions of bids are expected to be in the range of 10-15% [6]. A second round of revised bids is expected by mid-August from existing bidders [6].
Adani Enterprises has submitted unconditional bids for JAL's assets, not taking into account the value of JAL's real estate assets [7]. On the other hand, Dalmia Bharat's bid includes their subsidiary Dalmia Cement [1][4].
A consortium of banks led by the State Bank of India (SBI) has executed the transfer of ₹12,700 crore worth of stressed loans belonging to JAL to National Asset Reconstruction Company Ltd (NARCL) [8]. The ongoing evaluation process includes regulatory approvals, creditor assessments, and possibly further bidding rounds before a final resolution [1][2][4][5].
Some bidders have expressed a willingness to revise their offers and submit fresh bids, indicating a competitive and dynamic bidding environment [6]. The JAL Resolution Professional was not available for comments regarding the ongoing process [9].
References: [1] The Economic Times [2] BloombergQuint [3] Business Standard [4] Financial Express [5] Moneycontrol [6] Livemint [7] ET Realty [8] Business Today [9] The Hindu BusinessLine
- The Adani Group is reportedly leading the bids for Jaiprakash Associates' assets with a bid ranging between ₹12,500 crore and ₹16,000 crore, aiming to bolster its presence in the infrastructure and cement sectors.
- Dalmia Bharat, another contender, has submitted a strong bid near ₹11,000 crore and has received approval from the Competition Commission of India for their resolution plan.
- Infrastructure companies like Vedanta, Jindal Steel & Power, and PNC Infratech have also submitted their resolution plans during the insolvency process, but JAL's resolution plan may be rejected due to failure to meet certain criteria.
- Key contention for bidders is the ownership of nearly 1,000 hectares of litigated land in JAL's asset portfolio, and upward revisions of bids are expected to be in the range of 10-15%.
- A second round of revised bids is expected by mid-August, indicating a competitive and dynamic bidding environment in the finance, business, and industry sectors.
