NEW DELHI: On Friday, Jaiprakash Gaur, the founder of Jaypee Group, announced his endorsement of the Adani Group’s acquisition of his insolvent firm, Jaiprakash Associates Ltd (JAL). He expressed utmost trust in Gautam Adani’s capability to advance the group’s interests.
This support comes shortly after Anil Agarwal of Vedanta Ltd claimed that Gaur preferred to see JAL under the stewardship of his mining company.
Gaur stated, “I appreciate the fair and transparent process led by the Committee of Creditors and the Resolution Professional, thanking both the Adani and Vedanta Groups for their participation.”
“The Committee of Creditors (CoC) has chosen the Adani Group as the successful resolution applicant, and we fully respect this decision,” he added.
In November, the CoC approved a ₹14,535 crore bid from Adani Enterprises to acquire JAL’s assets through the insolvency process. The National Company Law Tribunal (NCLT) approved this bid on March 17, but Vedanta has challenged the decision in the appellate tribunal, NCLAT. The NCLAT has refused to issue an interim stay on the NCLT’s ruling, and even the Supreme Court did not intervene.
“I am confident that Gautam Adani will continue the legacy of Jaiprakash Associates with renewed purpose, ensuring that stakeholder aspirations are met,” noted Gaur.
He emphasized that JAL has been more than just a company; it has represented a lifelong commitment to nation-building since its inception in 1979. Gaur conveyed heartfelt wishes to the Adani Group as they embark on this journey.
He acknowledged the financial struggles leading to the Corporate Insolvency Resolution Process have been tough for all involved and stressed the sincerity of efforts made to achieve a fair resolution alongside homebuyers, employees, lenders, and partners.
Gaur highlighted that the Jaypee Group has created noteworthy assets such as the Buddh International Circuit and major hydropower projects. “This journey is a source of deep personal pride,” he remarked.
Recently, Anil Agarwal claimed Vedanta received written notice of victory in a bid for a Jaypee Group asset, but that decision was later retracted without clarification. He described the situation as reminiscent of previous discussions with Gaur, who had expressed a desire for the group’s assets to be managed responsibly.
“We have no attachment to this asset. If it comes to us, it’s divine grace; if it doesn’t, it’s for the best,” Agarwal stated, underscoring the importance of commitments made in accordance with values.
He assured that Vedanta would present its case through proper channels and adhere to due process, inspired by teachings from the Bhagavad Gita.
JAL, which includes valuable assets in real estate, cement, hospitality, power, and engineering, was placed into the CIRP in June 2024 after defaulting on loan payments totaling ₹57,185 crore. Adani Enterprises received nearly 90% of creditor votes, surpassing competitors like Dalmia Cement and Vedanta.
JAL’s significant projects include Jaypee Greens in Greater Noida and the Jaypee International Sports City near the upcoming Jewar International Airport. The company also owns multiple office spaces in Delhi-NCR and five hotels in Agra, Delhi-NCR, and Mussoorie.
JAL operates four cement plants in Madhya Pradesh and Uttar Pradesh and holds various limestone mines as well as investments in subsidiaries like Jaiprakash Power Ventures Ltd and several other entities.
