Synopsis : Adani Group has submitted an unconditional Rs 12,600 crore bid for Jaiprakash Associates under the insolvency process, positioning itself against Dalmia Bharat’s higher, but conditional, offer. The race for Jaypee’s cement, power, and real estate assets intensifies as land disputes threaten to narrow valuation gaps among bidders.
The Adani Group has emerged as the only bidder without conditions to acquire Jaiprakash Associates, submitting a Rs 12,600 crore offer under the ongoing insolvency process, according to an Economic Times report. This comes as Dalmia Bharat leads with a Rs 14,600 crore offer, which includes a disputed land parcel, potentially reducing its effective bid to Rs 12,600 crore if the dispute remains unresolved.
The bids were opened during the seventeenth Committee of Creditors (CoC) meeting on July 7, 2025, with Jaiprakash Associates informing exchanges earlier about the meeting as directed by the National Company Law Tribunal. The company, with interests across cement, power, EPC, hospitality, real estate, and sports infrastructure, has attracted five bidders: Vedanta at Rs 12,500 crore, Jindal Power at Rs 10,300 crore, and PNC Infratech at Rs 9,500 crore, while Suraksha Group refrained from placing a firm bid despite earlier interest.
Sources suggest the valuation difference between Adani and Dalmia Bharat could narrow by around Rs 2,000 crore depending on the outcome of the disputed land parcel, making Adani’s unconditional bid strategically significant. At 9:30 am, shares of Jaiprakash Associates rose 4.89% to Rs 3.22, reflecting market optimism amid the aggressive bidding environment.
The outcome of this high-stakes race will shape the future of Jaypee’s extensive asset base, with lenders keen to recover dues while navigating valuation uncertainties in India’s largest insolvency-led cement asset sale.
Disclaimer : This article is for informational purposes only and does not constitute financial advice. Please consult your advisor before making any investment decisions.
