Jaypee founder backs Adani in JAL acquisition battle

National Company Law Tribunal’s Allahabad bench had approved Adani Enterprises' Rs 14,535 crore bid to acquire JAL assets, which was challenged by Vedanta with a Rs 17,926 crore offer

New Delhi: Jaypee Group founder Jaiprakash Gaur on Friday threw his support behind the Adani Group taking over his insolvent infrastructure firm JAL, saying he has full confidence in Gautam Adani’s leadership to take the group forward.

The statement came days after rival bidder Vedanta Ltd’s Anil Agarwal claimed that Gaur wanted Jaiprakash Associates Ltd (JAL) to be in the ‘safe hands’ of his mining conglomerate.

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“I appreciate the fair and transparent process conducted by the Committee of Creditors and the Resolution Professional, and I thank both the Adani Group and the Vedanta Group for their participation and interest. The Committee of Creditors (CoC) has selected the Adani Group as the successful resolution applicant, and we fully respect this decision,” Gaur said.

In November last year, the CoC of JAL approved Adani Enterprises Ltd’s Rs 14,535 crore bid to acquire its assets through the insolvency process.

On March 17, the National Company Law Tribunal (NCLT), Allahabad bench, approved the bid. However, the same has been challenged by Vedanta, which made a bid of Rs 17,926 crore, in the appellate tribunal NCLAT. The matter is currently being heard in the NCLAT, which had refused to put an interim stay on the NCLT’s decision. Even the Supreme Court did not stay the NCLT order. ”

I have every confidence that under the leadership of Gautam Adani, the legacy of Jaiprakash Associates will be carried forward with renewed energy, responsibility, and purpose, ensuring that the aspirations of all stakeholders are fulfilled,” the Jaypee Group patriarch said.

Noting that JAL has been “more than a company – it has been a lifelong journey of conviction, perseverance, and nation-building since its founding in 1979”, Gaur extended his “heartfelt wishes” to the Adani Group as they take this journey forward.

The recent financial challenges that led to the Corporate Insolvency Resolution Process have been difficult for all stakeholders, Gaur said, adding that “throughout this period, we have worked with sincerity and commitment, alongside homebuyers, employees, lenders, and partners to enable a fair and credible resolution”.

Gaur highlighted that the Jaypee Group had built an institution that delivered iconic assets, such as the Buddh International Circuit, major hydropower projects, cement capacity, and integrated developments, including Jaypee Wish Town, Jaypee Greens, and Jaypee Sports City.

“This journey remains a matter of deep personal pride,” he noted.

Last month, mining baron Anil Agarwal claimed that Vedanta had received written confirmation that it had won a bid for a Jaypee Group asset, but the decision was subsequently reversed, without elaborating on the reasons.

Agarwal had said the episode brought back memories of his interactions with Japyee group founder Jaiprakash Gaur, who had earlier expressed a desire that the group’s assets be passed on to “safe hands’ and carried forward with the right intent.

“We have no attachment to this asset. If it comes, it is God’s grace. If it goes, that is also his wish,” he said, adding that commitments made in line with “dharma” should not be taken back.
He said Vedanta would present facts through appropriate channels and follow due process, drawing on teachings from the Bhagavad Gita.

JAL, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering & construction, was admitted to the CIRP in June 2024 after it defaulted on payments of loans aggregating Rs 57,185 crore. Adani Enterprises got the maximum, around 90 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group.

JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, located near the upcoming Jewar International Airport.

It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.