New Delhi: India’s top business conglomerates, including JSW, Dalmia Bharat, Jindal Power, Vedanta, GMR, Welspun, and Torrent, have submitted expressions of interest (EoIs) for the assets of Jaiprakash Associates Ltd (JAL). The Adani Group is also expected to join the race before the final deadline of March 25, The Economic Times reported.
The competition for JAL’s assets is intensifying, with another large Delhi-based industrial house and Kotak Alternate Assets also likely to submit bids. This marks the first step in a court-monitored insolvency process, aiming to find a new owner for the company’s prized holdings.
Court-Monitored Sale of Rs 17,300-Crore Assets
JAL’s assets, estimated to be worth over USD2 billion (approximately Rs 17,300 crore), have now entered the resolution phase under the supervision of the National Company Law Tribunal (NCLT). Deloitte-backed resolution professional Bhuvan Madan is overseeing the process, inviting bids for the company as a whole, rather than selling individual assets separately as initially planned.
Among the marquee assets up for grabs are:
- The Buddh International Circuit in Greater Noida, famous for hosting Formula One races.
- A 2,500-acre land parcel along the Noida Expressway.
- Cement plants with an annual production capacity of 10 million tonnes.
- Five luxury hotels and other valuable real estate holdings.
JAL’s Debt Crisis and the Role of NARCL
Jaiprakash Associates was admitted for insolvency proceedings at the NCLT last year following a plea by ICICI Bank, which argued that JAL had defaulted on loan repayments. The company had accumulated massive debts, with loans running up to Rs 48,000 crore, including principal, interest, and penalties.
JAL’s creditor consortium—comprising ICICI Bank, State Bank of India, Punjab National Bank, IDBI Bank, and 21 others—transferred these dues to the National Asset Reconstruction Co Ltd (NARCL) on March 12. The move signaled an effort to expedite the resolution process and maximize asset recovery.
A High-Stakes Race for JAL’s Takeover
With an asset portfolio that includes lucrative real estate and high-value industrial properties, JAL’s insolvency resolution is shaping up to be one of the biggest in recent times. The final list of bidders will set the stage for a high-stakes contest, with industry giants competing to acquire strategic assets. As the deadline approaches, all eyes will be on who emerges as the frontrunner in this multi-billion-dollar battle.
