The race to acquire the assets of debt-ridden Jaiprakash Associates is heating up, with Dalmia Bharat, led by Puneet Dalmia, matching Adani Enterprises’ revised bid in the ₹14,000 crore range, according to sources familiar with the matter. The two giants are currently the frontrunners in the high-stakes battle.
Vedanta, backed by Anil Agarwal, has reportedly submitted a bid in the range of ₹12,000–13,000 crore, while Naveen Jindal-led Jindal Power has offered over ₹10,000 crore. Some of the bids are said to be conditional and may change depending on further developments.
Dalmia’s offer is reportedly contingent on clarity over nearly 1,000 hectares of land currently under litigation. If this land is not secured, their bid could be revised down by about ₹2,000 crore.
Adani Enterprises, on the other hand, is said to have proposed a significant upfront payment of ₹11,000 crore, with the remaining ₹3,000 crore to follow after legal disputes over the land are resolved.
Neither Dalmia Bharat nor Adani Enterprises has responded publicly, while Vedanta has declined to comment.
“There will be more negotiations with lenders in the coming days, and a challenge process will be initiated to ensure fair opportunity for all bidders,” a source said.
Jaiprakash Associates, one of India’s most significant insolvency cases, owes nearly ₹57,000 crore to banks and financial institutions. The National Asset Reconstruction Company (NARCL), which holds 90 percent of the debt after acquiring ₹55,000 crore of it earlier this year, is the main claimant. Other creditors include ACRE, Arcil, SBI’s external commercial lenders, Bank of Baroda, and a large number of homebuyers.
The bids are for the entire business operations of Jaiprakash Associates, including its cement and power units, hospitality assets, Formula 1 racing track, golf course, stadium, and valuable land parcels along the Yamuna Expressway near the upcoming Jewar airport in Uttar Pradesh.
While initial interest came from 25 parties, only five bidders were shortlisted after multiple withdrawals and one disqualification due to missing bank guarantees.
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