Tag: Jaiprakash Associates

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Adani Enterprises Set to Outbid Vedanta for Jaiprakash Associates

NEW DELHI: Adani Enterprises Ltd is expected to be the top bidder for the acquisition of Jaiprakash Associates Ltd (JAL) through an insolvency process, as its proposal to make payment over two years has been deemed more favorable than Vedanta’s five-year payment plan, sources indicated. In early September, Vedanta Group had outbid Adani Group with a net present value (NPV) offer of Rs 12,505 crore in an auction led by lenders to find buyers for JAL, which operates in sectors including real estate, cement, power, hotels, and roads. Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd did…

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Promoter unveils ₹18,000 crore plan for Jaiprakash Associates

MUMBAI: The promoter of Jaiprakash Associates (JAL) has re-entered the competition to reacquire control of the heavily indebted infrastructure company with a new ₹18,000 crore resolution plan, although lenders are skeptical about the previous owner’s capacity to raise the necessary funds. The latest proposal from the Gaur family, the promoters of Jaypee, surpasses offers made by Vedanta and the Adani Group for JAL, which holds significant land assets around Greater Noida and the Noida Expressway. “The promoter has submitted a new plan valuing the business at ₹18,000 crore, exceeding Vedanta’s offer,” said a source with knowledge of the situation. Vedanta…

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CCI Approves PNC Infratech’s Bid for Jaiprakash Associates

Sure! Here’s a rewritten version of the content you provided: — NEW DELHI: The Competition Commission of India (CCI) announced on Tuesday that it has granted initial approval for PNC Infratech’s proposal to acquire the financially troubled Jaiprakash Associates, contingent upon winning the ongoing insolvency bid. The proposal involves PNC Infratech acquiring between 95% to 100% of Jaiprakash Associates Ltd (JAL), either directly or through a wholly-owned subsidiary that may be established for this purpose. The CCI confirmed the acquisition’s approval via a post on X, stating, “Commission approves proposed acquisition of Jaiprakash Associates Ltd by PNC Infratech Ltd.” In…

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Vedanta Wins ₹17,000 Crore Bid for Jaiprakash Associates

NEW DELHI: Mining giant Vedanta has outbid Gautam Adani’s Group to acquire the financially troubled Jaiprakash Associates (JAL) for Rs 17,000 crore, as reported by sources. This bid equates to an estimated net present value (NPV) of Rs 12,505 crore for JAL. JAL operates in various sectors including real estate, cement, power, hotels, and road construction, but it has been subjected to insolvency proceedings following loan payment defaults. The creditors of JAL initiated a competitive bidding process for the company’s sale under the Insolvency and Bankruptcy Code (IBC). While several parties expressed interest, only Vedanta and Adani Group placed firm…

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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 seeks approval to acquire Jaiprakash Associates

NEW DELHI: The Adani Group, led by billionaire Gautam Adani, has requested the Competition Commission of India (CCI) for approval to acquire Jaiprakash Associates Ltd (JAL). This move follows an unconditional bid made by the Adani Group for the financially troubled JAL, currently undergoing a corporate insolvency resolution process (CIRP). The notice submitted to the CCI states, “The proposed acquisition pertains to owning up to 100% of the shareholding in Jaiprakash Associates Ltd by Adani Enterprises Ltd and Adani Infrastructure and Developers Pvt Ltd or any related entity within the Adani Group.” Adani Enterprises Ltd (AEL) is the leading company…

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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…

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Lenders Deny Jaypee Infratech’s Bid to Acquire Bankrupt Firm

NEW DELHI: Creditors of Jaiprakash Associates Ltd (JAL) have declined Jaypee Infratech’s bid to accept its resolution plan for the acquisition of the financially troubled company. Five firms—Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power, and PNC Infratech—have put forth their plans for JAL’s acquisition. On June 25, JAL’s lenders rejected Jaypee Infratech’s resolution plan from Suraksha Group, citing its late submission and lack of earnest money. Sources indicate that Jaypee Infratech has requested the Committee of Creditors (CoC) of JAL to reconsider their decision and allow participation in the insolvency process. During a meeting on July 1, CoC…