The Adani group has emerged as the highest bidder in the race to acquire engineering and construction firm Jaiprakash Associates (Jaypee group), which is currently undergoing insolvency proceedings.
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The Adani group has emerged as the highest bidder in the race to acquire engineering and construction firm Jaiprakash Associates (Jaypee group), which is currently undergoing insolvency proceedings.
As per the reports, Adani’s bid stands at Rs 12Billion (US$1.4bn), is said to be one of six companies bidding, including Dalmia Bharat. Jaiprakash Associates has a diverse portfolio including four inactive cement manufacturing facilities in Uttar Pradesh and Madhya Pradesh.
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As the flagship company of the Jaypee group, Jaiprakash Associates was one of the leading cement manufacturers with an installed capacity of around 28Mta.
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It is also engaged in the construction business in the fields of civil engineering, design and construction of hydropower and river valley projects.
In a separate development, the Adani Group Chairman Gautam Adani also announced that the conglomerate is preparing for a capital expenditure of nearly $100 billion over the next five years — a commitment he described as unprecedented in India’s private sector history.
While speaking at the 5th Annual Conference of the Society for Minimally Invasive Spine Surgery – Asia Pacific (SMISS-AP), Adani said, “It is with this conviction that we are preparing for our capital expenditures investment of nearly $100 billion over the next five years.”
“The scale and pace of this investment and its commitment [is] unprecedented in India’s private sector history. As we do our part for strengthening the very spine of India’s rise, a spine that must be unbreakable, a spine that must carry 1.4 billion dreams, a spine that tells the world that India’s rise is inevitable,” he added.
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