Adani Group is at the forefront of the race to buy JP Associates, a bankrupt company. A report by Business Standard states that the JP Associates is currently going through the insolvency process and a group led by Gautam Adani (Gautam Adani) has bid for Rs 12,500 crore to buy it.
The report said that Adani Group has proposed to pay more than Rs 8000 crore without any pre -pre -condition. However, the Dalmia Group can get the challenge of the Adani Group, which is currently fighting a legal battle on JP Spot’s City Project. This case is still pending in the Supreme Court. Amidst all these reports, JP Associates shares put a lower circuit of 5 % and it came to Rs 3.07 per share.
51 percent drop fell in 6 months
The total market capitalization of this company is more than 750 crores. The stock has fallen by more than 71 percent from Rs 10.60, a 52 -week highest level, a year ago. The stock has fallen by 51 percent in the last 6 months.
Big companies in race
According to sources, the Committee of Little Leakers led by the National Asset Recruitment Company Limited (NARCL) (COC) is ready to start dialogue with the applicants for Jayaprakash Associates Limited (Jal) in the coming week. Those applying under the Samadhan Yojana include Adani Group, Dalmia Bharat Group, PNC Infrastructure, Vedanta and Jindal Steel and Power.
The Adani Group, known for its expansion in infrastructure, energy and cement sector, is particularly interested in JAL’s cement and real estate assets. This is in line with the strategy of increasing its appearance in the high-development market of Adani, especially in the cement industry.
This process is important for the company
The bankruptcy proceedings are an important for Jal, as it is struggling with heavy debt and operational obstacles. The company’s bankruptcy solution is expected to provide great relief to its creditors including banks and financial institutions. At the same time, the company will also help in restructuring and operational revival. At the same time, the company has suffered a big setback in a separate decision. The Allahabad High Court has upheld the Yamuna Expressway Industrial Development Authority’s decision to cancel the allocation of 1,000 hectares of land for JAL’s Sports City Project near New Delhi.
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