Gautam Adani, Anil Agarwal’s Vedanta, Baba Ramdev’s Patanjali among 26 firms interested in buying this company, reason is…

Billionaire Gautam Adani’s Adani Group, Anil Agarwal’s Vedanta, and Baba Ramdev’s Patanjali Ayurveda are among 26 companies interested in buying the debt-hit Jaiprakash Associates Ltd (JAL). The company is currently going through insolvency proceedings after defaulting on huge loans, according to Business Standard.

JAL, which has businesses in cement, real estate, hospitality, and construction, owes around Rs 57,185 crore. It was admitted into the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Allahabad, on June 3, 2024.

A filing by JAL to the stock exchanges named other interested companies including Torrent Group, Dalmia Cement, Jindal Power, Oberoi Realty, and Kotak Alternate Asset Managers. The list also features investment and asset management firms like Asset Reconstruction Company (India), J C Flowers Asset Reconstruction, and India Opportunities XII Investments.

JAL has several big real estate projects, including Jaypee Greens in Greater Noida and the Jaypee International Sports City near the upcoming Jewar International Airport. It also owns commercial spaces and hotels in Delhi NCR, Agra, and Mussoorie.

The company has four cement plants in Madhya Pradesh and Uttar Pradesh, though they are currently non-operational. It also owns limestone mines and has investments in multiple subsidiaries like Jaiprakash Power Ventures Ltd and Yamuna Expressway Tolling Ltd.

The National Asset Reconstruction Company Ltd (NARCL), which acquired JAL’s stressed loans from a group of banks led by SBI, is the largest creditor.