Jaypee

Vedanta beats Adani with ₹17,000 cr bid to acquire debt-ridden JAL

Mining conglomerate Vedanta on Friday beat Gautam Adani's Group to make a winning bid for the acquisition of debt-ridden Jaiprakash Associates (JAL) for Rs 17,000 crore, according to sources. The bid value translates into Jaiprakash Associates' net present value of Rs 12,505 crore. JAL, which has interests in real estate, cement, power, hotels and roads, has been dragged into insolvency proceedings after it defaulted on payment of loans. Lenders of JAL conducted a challenge process for the sale of the company under the IBC. Multiple bidders participated in the process, but in the end, firm bids were placed by only two entities, Adani and Vedanta Group. Vedanta eventually made a winning bid of Rs 17,000 crore, which translated into a NPV (net present value) of Rs 12,505 crore, beating Adani Group, sources said. The Committee of Creditors (CoC) meeting was held on September 5 to conduct the challenge process. Financial creditors have claimed a staggering Rs 57,185 crore in unpaid

Jaiprakash Associates' lenders to meet on July 1 to review resolution plans

Lenders of Jaiprakash Associates Ltd (JAL), which is under insolvency, will meet on July 1 to discuss resolution plans submitted by five corporates among other issues. In a regulatory filing on Monday, JAL informed that "the 16th meeting of the Committee of Creditors (CoC) of the company will be held on 1st July, 2025." The company did not mention the agenda of the CoC. Sources said the resolution plans submitted by five bidders will be discussed among few other proposals. Last week, JAL received five bids along with earnest money for the acquisition of the company through insolvency process. It did not mention the names of the companies which have submitted the resolution plans. According to sources, Billionaire Gautam Adani Group firm Adani Enterprises, mining mogul Anil Agarwal's Vedanta, Dalmia Bharat Cement, Jindal Power and PNC Infratech are the five companies which have submitted resolution plans. In April, as many as 25 companies showed interest to acquire JAL. JAL, whic

ED seizes ₹1.70 cr cash, documents in raids on Jaypee Infratech, others

The Enforcement Directorate has said it seized cash of Rs 1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA). "The search covered offices and premises of JAL, its related entities and its promoters directors. "Searches were also conducted at the offices and premises related to key business associates of JAL, including Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd.," the central probe agency said in a statement issued on Sunday. The money laundering case stems from FIRs registered by the Economic Offences Wing (EOW) of Delhi Police and Uttar Pradesh Police against companies like JAL, JIL, and their promoters, directors. The

ED conducts raids on Jaypee Infratech, others in ₹12,000 cr fraud

The Enforcement Directorate on Friday conducted searches at multiple locations as part of a money laundering probe against Jaypee Infratech, Jaypee Associates and some others in a Rs 12,000 crore investment fraud case, official sources said. The raids are being carried out in Delhi-NCR and Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA), they said. The searches are in the case related to Jaypee Infratech, Jaypee Associates Limited and others for alleged fraud with homebuyers and investors of around Rs 12,000 crore and linked "diversion" of funds, they said. Asociated entities of the group like Gaursons, Gulshan, Mahagun and Suraksha Reality are also being covered, the sources said. There was no immediate response from the companies concerned.

T'gana tunnel collapse: Accidents happen in tough jobs, says Jaypee chief

Jaiprakash Gaur, Founder Chairman of Jaypee Group, the contracting firm of Srisailam Left Bank Canal project that suffered partial collapse trapping eight persons, on Wednesday said accidents may happen during difficult works. Jaiprakash Associates Ltd the flagship company of Jaypee Group was awarded the contract of tunnel boring of SLBC. Speaking to reporters at the accident site, after meeting Minister Komatireddy Venkat Reddy, the nonagenarian said he had seen six to seven accidents during his professional career. "In these difficult works, such things happen. In my life, I think there might be six or seven accidents, the Tehri (project), in Bhutan, in J&K, everywhere. You have to encounter all this," he said. Gaur further said the teams are doing their best to see that those trapped individuals come out. Two engineers and four labourers of the eight trapped persons are working for Jaiprakash Associates. The firm on February 23 informed the stock exchanges that a day before,

NCLAT declines to interfere with Jaypee Infratech resolution plan

The NCLT last year on March 7 approved Suraksha Realty's takeover of the debt-laden Jaypee Infratech dismissing three different appeals against the Rs 7,936 crore offer by the Mumbai-based company

JP Associates defaults on Rs 3,956 cr loans; says taking steps to cut debt

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans worth Rs 3,956 crore, including principal and interest amount. In a regulatory filing, Jaiprakash Associates Ltd (JAL) informed that the company on April 30 defaulted on repayments of a principal amount of Rs 1,642 crore and interest of Rs 2,314 crore. The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds). JAL said that "the total borrowing (including interest) of the company is Rs 29,277 crore, repayable by 2037, against which only Rs 3,956 crore is overdue as on April 30, 2023". Out of the total borrowing, the company said Rs 18,106 crore will get further reduced on transfer to the proposed special purpose vehicle (SPV) for which the scheme of arrangement duly approved by all stakeholders is pending sanction of the NCLT. "The entire loan is in any case under ..

Jaiprakash Associates board meet to sell cement units on Monday

Dalmia Cement is a front runner to acquire the company apart from the Adani group and Aditya Birla group were also in the fray

Govt orders probe against Jaiprakash Associates, Jaypee Infratech

The Jaypee group has already sold many cement and power plants to reduce its debt

SC to hear Jaypee Group's plea against NCLAT order on bidding Friday

The top court said it will hear a plea of homebuyers along with the statutory appeal of Jaypee Group against the July 30 order of National Company Law Appellate Tribunal

Poorly assessed loan to Jaypee caused over Rs 10-bn NPA: CAG raps IIFCL

The loan was given to Jaypee Infratech in June 2015 and remained un-serviced to become a non-performing asset (NPA) in December 2016

Jaypee promoters submit over Rs 100 bn revival plan for Jaypee Infratech

Sources said the CoC is likely to deliberate over the bid at its meeting over the next two days

Jaypee Infra defaults on its loans

Company says it made losses of Rs 243 cr on revenues of Rs 2,799 cr mainly due to slowdown in economy

Jaypee sells cement biz to UltraTech for Rs 16,500 cr

Assets will give UltraTech access to newer markets of Satna, UP East, Himachal Pradesh and Coastal Andhra