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Adani Emerges As One Of The Top Bidders For JAL Insolvency Case

In case the Adani Group ends up winning the bid, it will add to the groupu2019s existing assets. The controversies on the allegations of the US Court on Adani will also come to a halt.

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Adani Emerges As One Of The Top Bidders For JAL Insolvency Case

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  1. Adani Emerges As One Of The Top Bidders For JAL Insolvency Case

  2. As the race for JAL hits up, a lot of big names have placed themselves among the top bidders in the INR 17,300 crore insolvency case. As per the news, the Adani Group, which happens to be one of the most reliable business conglomerates, has also shown its interest in acquiring the various assets of the company. Assets that are for grabs include a cement plant, a Formula One circuit, and more. In case the Adani Group ends up winning the bid, it will add to the group’s existing assets. The controversies on the allegations of the US Court on Adani will also come to a halt.

  3. Companies Submit Their Bids For The Jaiprakash Insolvency Case: As per recent news, JSW, Dalmia Bharat, Welspun, GMR and Torrent are among the top business groups that have already submitted their Expressions of Interest (EoI) for Jaiprakash Associates Limited. The companies are all set to go under the hammer in court-monitored insolvency proceedings. The Adani Group is also expected to submit the EoI before the final deadline of 25th March. So is another Delhi-based industrial house. Kotak Alternate Assets is also in the line. The assets may be worth 2 billion USD or INR 17,300 crore.

  4. As per sources, the EOIs are currently in the final stage of the bidding process as the lenders are looking for a new owner for JAL. The participants at the EoI stage including the Adani Group may not necessarily submit the bids. However, this is a highly ambitious step taken up by the Adani Group amidst the ongoing case at the US Court on Adani. This highlights the Adani Group’s extraordinary business resilience and its strong focus on further extending its horizons.

  5. Jaiprakash Associates Limited’s Current Assets: JAL’s assets include cement plants having an annual capacity of 10 million tons, the Buddh International Circuit in Greater Noida that has hosted the Formula One race, a 2,500-acre land parcel which is located on the Noida Expressway, an engineering, procurement, and construction business (EPC) with multiple construction contracts, five hotels and a fertiliser plant. The 25 lenders include ICICI Bank, Punjab National Bank, State Bank of India, and IDBI Bank. All these companies have assigned their loans that included principal, interest, and penalties which were accumulated over several years of about INR 48,000 crores to the National Asset Reconstruction Co. Ltd (NARCL).

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