Only ARCIL disqualified, 25 final bidders, including Adani, Vedanta & Patanjali for Jaiprakash Assets

In a key development in the corporate insolvency resolution process of debt-laden Jaiprakash Associates Ltd (JAL), the Expression of Interest (EoI) submitted by Asset Reconstruction Company India Ltd (ARCIL) has been rejected, making it the only disqualified applicant among the 26 entities that submitted bids late last month. 

According to sources close to the process, a final list of 25 bidders are now in fray to acquire Jaiprakash Associates as a single business unit.

Among the selected bidders are five major Indian conglomerates— Adani Enterprises, Dalmia Bharat, Vedanta, Patanjali Ayurveda, and Jindal Power (backed by Naveen Jindal). 

These heavy weights are joined by a mix of infrastructure firms, real estate players, NBFCs and lesser-known entities. 

Others bigger names in the fray include GMR Group, Kotak Alternate Asset Managers, Oberoi Realty, Torrent Power, Jaypee Infratech, Authum Investment, and Singapore-based India Opportunities XII Investments PTE. 

Lesser or smaller players include Sherisha Technologies, Jaithari Thermal Power, Winchain Infrastructures Pvt Ltd, others. 

Jaiprakash Associates is one of India’s largest ongoing corporate insolvency proceedings. 

While the RP has finalised the list of eligible prospective resolution applicants (PRAs), a disclosure issued to the bourses clarified that inclusion in the final list does not guarantee final eligibility. 

“In case any ineligibility/disqualification as per the Insolvency and Bankruptcy Code, 2016 comes to light at a future date, such PRA may stand disqualified,” the statement noted.

Bhuvan Madan, the Resolution Professional for JAL, was not available to comment on the rejection or the evaluation process. His phone remains switched off.

Jaiprakash Associates, with interests in infrastructure, real estate, hospitality, and a non-operational cement business, has been battling mounting debt and project delays. 

The company’s total dues amount to over ₹57,000 crore, prompting a consortium of banks led by SBI to transfer loans worth ₹12,700 crore to the National Asset Reconstruction Company Ltd (NARCL). The NARCL emerged as the only bidder, and its bid involving 15 per cent cash payment upfront and 85 per cent government-backed security receipts

In FY24, real estate contributed nearly 14 per cent of Jaiprakash’s total turnover, underlining the strategic importance of its property portfolio in the ongoing resolution.

The company has a 9 mtpa cement making capacity across four units and limestone mines mostly in MP. Previously, Dalmia Bharat had been keen on buying these facilities. However, as Jaiprakash went into corporate insolvency, the cement unit and mine acquisition plans were put on the backburner. 

In addition to its core business, Jaiprakash also has investment in several subsidiaries that include Jaiprakash Power Ventures – having a book value of over ₹1600 cr, Yamuna Expressway Tolling Ltd, and others. 

Published on April 20, 2025