Vedanta Group has expressed interest in acquiring Jaiprakash Associates Ltd (JAL) via an insolvency procedure, as reported by sources. Jaiprakash Associates Ltd, the flagship company of the Jaypee Group, operates in various sectors including cement, power, hospitality, construction, and real estate.
It has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, following an order issued on June 3, 2024, by the National Company Law Tribunal, Allahabad Bench. According to sources, Vedanta Group has submitted an Expression of Interest (EOI) to take over the insolvent JAL. Adani Group has also submitted an EOI.
Vedanta Ltd ranks among the foremost global conglomerates in the natural resources sector, focusing primarily on aluminium, zinc-lead-silver, oil and gas, iron ore, steel, copper, power, ferro alloys, nickel, semiconductors, and glass. Earlier this month, the National Company Law Tribunal (NCLT) mandated that resolution plans for acquiring JAL through the insolvency process should be invited for the entire company as a going concern and not by dividing its different business verticals.As of February 20, 2025, JAL’s total outstanding loans from banks and financial institutions amounted to Rs 55,493.43 crore.
