Curation Team
MUMBAI: The Adani Group has emerged as the only bidder without conditions in the race to acquire Jaiprakash Associates, submitting a ₹12,600 crore offer under the ongoing insolvency process. The other bidders – Dalmia Bharat, Vedanta, Jindal Power and PNC Infratech-have tied their bids to the resolution of a critical land dispute involving the Gautam Buddh Nagar Sports City project, currently pending before the Supreme Court.
Jaiprakash Associates has attracted five bids, with Dalmia Bharat leading with a ₹14,600 crore offer, inclusive of the disputed land parcel. However, if the land issue remains unresolved, Dalmia’s effective bid value would drop to ₹12,600 crore, matching Adani’s unconditional offer, sources close to the matter said.
The bids for the flagship firm of the Jaypee Group with businesses across cement, power, EPC, hotels, real estate and sports facilities, were opened at a committee of creditors (CoC) meeting on Monday. The disputed land could influence bid valuations by about ₹2,000 crore.
Vedanta and Jindal Power offered ₹12,500 crore and ₹10,300 crore respectively, while PNC Infratech submitted a bid of ₹9,500 crore. Suraksha Group, which had shown interest earlier, did not proceed with a firm bid Monday.
“The CoC has asked all bidders to revise and improve their financial offers,” said one of the people aware of the discussions.
Jaiprakash Associates is undergoing resolution under the Insolvency and Bankruptcy Code, with total admitted claims of ₹57,185 crore.
