Adani Group led by billionaire Gautam Adani is leading the race to acquire Jaiprakash Associates. Business Standards report quoted sources as saying that Adani has placed the highest bid in the race to acquire Jaiprakash Associates. Adani Groups bid is Rs 12500 crore. The price of this companys share in the stock market is Rs 3. Please note that the trading of shares has been closed for a long time. Which other companies were in the race? Apart from Adani Group the list of potential buyers for Jaiprakash Associates also includes Anil Aggarwals Vedanta JSPL (Naveen Jindal) Dalmia Bharat Cement and PNC Infratech. Company going through bankruptcy process Financially troubled infrastructure and real estate firm Jaiprakash Associates Limited (JAL) is undergoing bankruptcy proceedings. The company was admitted into the Corporate Insolvency Resolution Process (CIRP) through an order of the Allahabad Bench of the National Company Law Tribunal (NCLT) dated June 3 2024. JAL was taken into bankruptcy proceedings after the group defaulted on loan payments. Creditors are claiming a whopping Rs 57185 crore. What is Jaiprakash Associates? Jaiprakash Associates has major real estate projects. These include Jaypee Greens in Greater Noida a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital) and Jaypee International Sports City which is strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial offices in Delhi-NCR while its hotel segment has five properties in Delhi-NCR Mussoorie and Agra. Jaiprakash Associates has four cement plants in Madhya Pradesh and Uttar Pradesh and some leased limestone mines in Madhya Pradesh. However the cement plants are not operational. The last price of this share was Rs 3.
