In a key development in the process of corporate insolvency resolution of Jaiprakash Associates Ltd (JAL) loaded with debt, the expression of interests (EOI) presented by the Indian Assets Reconstruction Company LTD (Arcil) has been required, which makes it the only one that was made, which made it the only fact, which makes them presented to them for the end of last month.
According to the sources close to the process, a final list of 25 video is now in fray to acquire Jaiprakash associations as a single business unit.
Among the selected video are five main Indian conglomerates: Adani Enterprises, Dalmia Bharat, Vedanta, Patanjali Ayurveda and Jindal Power (backed by Naveen Jindal).
These pesos pesos are joined by a combination of infrastructure firms, real estate players, NBFC and less known entities.
Other bigger names in Fray include GMR Group, Kotak Alternate Asset Managers, Oberoi Realty, Torrent Power, Jaypee Infotech, Authum Investment and India Opportunities XII Investments Pte with Singapore headquarters.
Minor or smaller players include Sherisha Technologies, Jaithari thermal Power, Winchin PVT LTD infrastructure, others.
Jaiprakash Associates is one of the largest corporate insolvency processes in India.
Although the RP has ended the list of eligible prospective resolution applicants (PRAS), a dissemination issued to the bourses clarified that the inclusion in the final list does not guarantee the final eligibility.
“In the event that any initial electility/disqualification according to the insolvency and bankruptcy code, 2016 comes to light on a future date, said PRA may be disqualified,” said the statement.
Bhuvan Madan, the professional of the resolution for JAL, was not available to comment on the rejection or the evaluation process. Your phone remains off.
Jaiprakash Associates, with interests in infrastructure, real estate, hospitality and a non -operational cement business, has been fighting against the growing debt and project delays.
The total fees of the company amount to more than ₹ 57,000 million rupees, which caused a consortium of banks led by SBI to transfer loans worth ₹ 12.7 billion rupees to the National Asset Reconstruction Company Ltd (Narcl). The Narcl arose as the only bidder, and its pray with the 15 percent payment in cash in advance and 85 percent security income backed by the government
In the fiscal year24, real estate contributed almost 14 percent or the total turnover of Jaiprakash, underlining the strategic importance of their property portfolio in the current resolution.
The company has an MTPA cement manufacturing capacity in four limestone units and mines mainly in MP. Previously, Dalmia Bharat had been interested in buying thesis facilities. However, when Jaiprakash entered the corporate insolvency, the cement unit and the mines acquisition plans were put in the return.
In addition to its main business, Jaiprakash also has investment in several subsidiaries that include Jaiprakash Power Ventures, which has a book value of approximately ₹ 1600 CR, Yamuna Expressway Tolling Ltd and others.
Posted on April 20, 2025