MUMBAI: The Adani Group has emerged as the sole bidder without conditions in the acquisition race for Jaiprakash Associates, submitting an offer of ₹12,600 crore during the ongoing insolvency proceedings. Competing bidders such as Dalmia Bharat, Vedanta, Jindal Power, and PNC Infratech have linked their proposals to resolving a significant land dispute related to the Gautam Buddh Nagar Sports City project, which is currently before the Supreme Court.
Jaiprakash Associates has garnered five bids, with Dalmia Bharat leading the pack with an offer of ₹14,600 crore, inclusive of the disputed land parcel. However, should the land conflict remain unresolved, Dalmia’s effective bid would effectively reduce to ₹12,600 crore, aligning it with Adani’s unconditional offer, according to sources.
The bids for the flagship company of the Jaypee Group, which operates in sectors including cement, power, engineering, procurement, construction, hospitality, real estate, and sports facilities, were unveiled during a committee of creditors (CoC) meeting on Monday. This disputed land could potentially affect the valuation of the bids by up to ₹2,000 crore.
Vedanta and Jindal Power offered ₹12,500 crore and ₹10,300 crore respectively, while PNC Infratech’s bid stood at ₹9,500 crore. Suraksha Group, which had previously expressed interest, did not submit a firm bid on Monday.
“The CoC has requested all bidders to revise and enhance their financial offers,” stated a source familiar with the discussions.
Jaiprakash Associates is currently undergoing resolution under the Insolvency and Bankruptcy Code, facing total admitted claims of ₹57,185 crore.
