Adani, Vedanta, Patanjali are part of 26 competing for Jaiprakash Associates’ assets.

According to an exchange filing, as many as 26 bidders, such as Adani Enterprises, Vedanta, Jindal India Power, Kotak Alternate Asset Managers, and Patanjali Ayurveda, among others, have shown interest in purchasing the assets of the troubled Jaiprakash Associates Ltd.

Additional organizations looking to acquire Jaiprakash Associates’ assets comprise Dalmia Cement, Asset Reconstruction Company (India) Ltd, JC Flowers Asset Reconstruction, Torrent Power, Jindal Power, Authum Investment & Infrastructure, GRM Business, and Oberoi Realty, among others.

The cutoff date for submitting expressions of interest (EoIs) was March 25. The 26 contenders are potential resolution applicants for Jaiprakash Associates.

Jaiprakash Associates entered the corporate insolvency resolution process (CIRP) through the National Company Law Tribunal (NCLT), Allahabad Bench, by an order issued on June 3, 2024. The firm was included in a roster of 30 companies that the Reserve Bank of India (RBI) instructed to be sent to the NCLT in August 2017. This was the second compilation created by the regulator.

Jaypee Infratech, the infrastructure arm of the group, was included in the initial list of 12 major corporate accounts for prompt insolvency proceedings in June 2017. This compilation became recognized as “The Dirty Dozen”.

The company has a total claim of ₹57,185 crore from its financial creditors. A group of banks led by State Bank of India (SBI) has shifted their exposure to the state-owned National Asset Reconstruction Company Ltd (NARCL). As a result, NARCL holds the highest claim among creditors. Jaiprakash Associates is a diverse industrial group, engaged in sectors such as engineering and construction, cement, power, hospitality, real estate, and expressways and highways.