As per news reports, 5 bidders interested in acquiring Jaiprakash Associates Ltd (JAL) have been told to submit revised proposals without conditions. The Committee of Creditors (CoC) held meetings with all bidders and flagged that most of the current offers rely on legal outcomes and assumptions.
Lenders have now asked for fresh plans within a week, with definitive numbers and no caveats.
As per the report, a key point of uncertainty is a land dispute over JAL’s 1,000-hectare Sports City project in Greater Noida. The Yamuna Expressway Industrial Development Authority had cancelled the land allotment, which was later upheld by the Allahabad High Court.
The matter is currently pending before the Supreme Court. Most bids are linked to the outcome of this case.
As per news reports, the Adani Group’s ₹12,250 crore bid includes ₹3,500 crore in upfront cash and ₹890 crore to be retained within JAL. ₹2,600 crore of the offer is tied to the disputed land. Dalmia Bharat has made the highest offer at ₹14,500 crore, but this includes the full land value. If the land claim is rejected, the bid value drops to ₹11,500 crore.
Vedanta’s ₹13,500 crore proposal is fully dependent on a favourable court verdict and other conditions. JSPL has offered ₹11,000 crore, with ₹6,500 crore upfront and the remainder conditional. PNC Infratech’s ₹10,240 crore bid includes ₹1,040 crore in cash, ₹5,100 crore over 2 years, and the rest spread over a decade.
JAL’s total admitted debt stands at over ₹59,000 crore. Based on current bids, banks are expected to take a cut of up to 79%. The CoC will re-evaluate the revised proposals once they are submitted.
Read More: Adani Group Applies for CCI Approval to Acquire Jaiprakash Associates!
The revised plans are expected within a week, after which lenders will assess them for viability and final negotiations. JAL entered insolvency on June 3, 2024. Its business interests include cement, real estate, infrastructure, and hospitality. Key assets include Jaypee Greens, Wish Town, and the International Sports City near the upcoming Jewar Airport.
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Published on: Aug 4, 2025, 2:19 PM IST
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