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Adani Group: The Adani Group is in the process of buying another company soon. This time the Adani Group has decided to put Rs 12,500 crore at Jayaprakash Associates Limited (Jal), which is going through a period of bankruptcy. According to a report by Business Standard, people familiar with the case say that Adani Group is the largest bidding company to buy Jal.
Adani ready for advanced payment
Sources also say that the Adani Group remains a strong contender by promising payments worth more than Rs 8,000 crore in advance. Let us know that Dalmia Group, JSPL (Naveen Jindal), Vedanta and PNC Infratech are also included in the race to buy JAL. Among all these, Adani Group is at the forefront of the race by bidding the most.
The company is spread in many sectors
Jayaprakash Associates is a major infrastructure company, which is spread over many different sectors like real estate, cement, power and hotel. The capacity of Jal’s cement plant is 10 million tonnes. The company also has a fertilizer factory with five hotels. Apart from this, the land on Noida Expressway is 2500 acres of land and Buddha National Circuit is also of Jal, where earlier Formula One race was held.
Heavy debt burden on the company
However, the company is currently facing financial crisis and is going through insolvency under India’s Insolvency and Bankruptcy Code (IBC). Many banks have debt on this. Total 25 banks together gave Jal a loan of Rs 48,000 crore. These include Punjab National Bank and IDBI Bank. On March 12, these banks sold the company’s total loan of Rs 48,000 crore to the National Asset Reconstruction Company (NARCL) for 12,700 crore.
Why is the Adani Group wanting to buy Jal?
Many big companies are interested in buying Jayaprakash Associates. Adani Group wants to increase its business in sectors like cement, real estate, so he wants to buy the company. Buying JAL will help the Adani Group to strengthen its hold in Central and Northern India. Let us tell you that the price of JL’s share is only 3 rupees. The message of Trading Restricted is seen in front of its stock. It may be that the acquisition of Adani Group accelerated the company’s shares.
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