Adani, Patanjali also in the race for the acquisition of Jayaprakash Associates

New -Delhi, April 6 (IANS). The debt -to -be -acquired Jayaprakash Associates race (JAL) contains 26 companies, including a group of billionaire Gautam Adani and FMCG veterinator Patanjali Ayurved. The process of corporate insolvency solution was launched on June 3, 2024 by the National Company Law Tribunal (NCLT), Allahabad Bench, for the large company Jayaprakash Associates, which trades in areas such as real estate, cement manufacturing, hospitality and engineering and construction. The company was initiated by the company after a decline of loans. Jal told the stock market that companies such as Adani Enterprises, Torrent Group, Jindal Power, Dalmia Cement, Oberoi Realty, GRM Business and Kotak alternative asset managers are interested in taking the company under their control. The preliminary (potential) list of qualifying potential applicants participating in the solution process was released under the rules of the Indian Insolvency and Bankruptcy Board. The total claims by the creditors against Jayaprakash Associates are Rs 57.185 Crore, which is shocking. The biggest contender is the National Asset Reconstruction Company Limited (Narcl), which bought Jal’s emphasized loans from a consortium banks led by state banks from India. Apart from Patanjali Ayurved and Adani Enterprises, other interested bidders include JP Infratech, GMR Business and Consultancy, Jindal India Power, Asset Reconstruction Company (India) and many asset management firms and infrastructure businesses. Jal has large real estate assets such as JP Greens in Greater Noida, Uttar Pradesh, parts of JP Greens Vishtown in Noida and JP International Sports City, located near Jewar International Airport. The company also has commercial and office assets in the Delhi NCR region. She operates five hotels in Delhi NCR, Mussaors and Agra. In the cement segment, Jal has four plants in Madhya Pradesh and Uttar Pradesh, as well as limestone mines that rent. However, these semi -units are not currently operational. The company also has an investment in subsidiaries such as Jayaprakash Power Ventures Limited, Yamuna Expressway Tolling Limited and JP Infrastructure Development Limited. Until March 11, the total outstanding loan to financial institutions was Rs 55,409.28 crore. It is noteworthy that JP Infratech, another JP group business, has already been obtained by a separate insolvency process by a Mumbai -based security group. -Ians Ekd/DSC