Curation Team
NEW DELHI: Business conglomerate Vedanta Group has shown interest in acquiring Jaiprakash Associates Ltd (JAL) through an insolvency process, according to sources.
Jaypee Group‘s flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench.
Sources said that Vedanta Group has submitted an Expression of Interest (EOI) to acquire the bankrupt JAL. Adani Group has also submitted an EOI.
Vedanta Ltd is one of the world’s leading natural resources conglomerates, with primary interests in aluminium, zinc-lead-silver, oil and gas, iron ore, steel, copper, power, ferro alloys, nickel, semiconductor and glass.
Earlier this month, the National Company Law Tribunal (NCLT) directed that the resolution plans to acquire JAL through the insolvency process should be invited for the entire company as a going concern and not by dividing its different business verticals.
The JAL’s total outstanding loans from banks and financial institutions stood at Rs 55,493.43 crore as of February 20, 2025.
The company also recently informed that a consortium of lenders has transferred their outstanding loans to National Asset Reconstruction Company Ltd (NARCL). The total amount of the debt transferred to the NARCL was not disclosed.
Bhuvan Madan is the resolution professional (RP) for JAL.
Jaypee Group’s other company Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process.
