Adani group leads race to acquire Jaiprakash Associates with ₹12,500 cr bid

The Adani group has emerged the frontrunner to acquire Jaiprakash Associates Ltd (JAL), which is currently undergoing insolvency proceedings, with a bid of up to ₹12,500 crore, people familiar with the matter said on Thursday. The conglomerate has proposed more than ₹8,000 crore as an upfront payment without any preconditions, they said.

 

Rival bidder Dalmia group is also in the fray and is willing to top Adani’s offer — provided a key legal hurdle related to JAL’s Sports City project is resolved. The case is currently pending before the Supreme Court.

 

In March, the Allahabad High Court upheld a decision