Tag: dalmia bharat

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Sept 5 Meeting for Jaiprakash Associates Lenders; Bidding Challenge Ahead

NEW DELHI: The lenders of Jaiprakash Associates Ltd (JAL), which is currently undergoing insolvency proceedings, will convene on Friday to initiate a ‘challenge process’ involving five bidders. This step aims to optimize the value of the distressed company’s assets. The Committee of Creditors (CoC) is set to meet on September 5. Among the bidders vying to acquire JAL are Adani Group, Dalmia Bharat, Vedanta Group, Jindal Power, and PNC Infratech. Sources indicate that during a CoC meeting on August 22, it was decided to engage in further commercial negotiations with each Resolution Applicant to maximize the asset value of JAL.…

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CCI approves Dalmia Bharat’s bid for Jaiprakash Associates

Representative image created by AI NEW DELHI: The Competition Commission of India (CCI) has granted approval for Dalmia Bharat’s acquisition of Jaiprakash Associates Ltd (JAL), which is undergoing the insolvency resolution process. As stipulated by the Insolvency and Bankruptcy Code (IBC), approval from the competition authority is essential for submitting a resolution plan to participate in the bidding process. Other interested candidates in acquiring the financially troubled JAL, which spans various sectors including cement, real estate, hospitality, and fertilizer, include Adani Enterprises, Vedanta Group, Jindal Power, and PNC Infratech, all of whom have sought CCI approval for their respective plans.…

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Adani Group Makes Unconditional Bid for Jaiprakash Associates

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…