NARCL To Acquire Jaiprakash Associates with Rs 120 Bn Bid

16 Jan 2025 CW Team

ICMS had extended the timeline to find a competing bid by a week to January 14 last Wednesday but since no offer came up in the time period, NARCL's is now the only one to take over JAL, people familiar with the details said.

Close to a dozen entities had shown interest in acquiring the Noida based conglomerate on an all cash basis in challenge to the NARCL's offer, ET had reported earlier this month. "It was decided there is no point in extending the timeline since no serious bids are expected. NARCL will be formally intimated this week following which it will approach the government to sign off on the guarantee issued for this deal. Banks are hopeful the process willl be completed before the end of March so that they can show this recovery in the current fiscal," said one of the persons aware of the details.

For NARCL too JAL will be its largest acquisition and help it add to its business growth after what has been a slow fiscal year. JAL is the biggest insolvency resolution case since the Insolvency and Bankruptcy Code (IBC) came into force in 2016 which is yet to be resolved. In terms of debt size, the JAL resolution is only dwarfed by the Rs 65,000 crore owed by Videocon Industries to its creditors.

JAL was among the 26 defaulters that the Reserve Bank of India had directed to be taken to the bankruptcy process in 2017 but has been entangled in litigation. The NCLAT is yet to pronounce its order in response to the company’s appeal against the NCLT decision to start insolvency proceedings against JAL in June this year. Its assets on the ground have made bankers hopeful of a respectable recovery if they consolidate this debt into the public-sector bank controlled NARCL.

The assets include operating cement plants with capacity of more than 9 million tonnes; real estate around the Yamuna Expressway Industrial Development Area; hotels in Delhi, Noida, Mussoorie and Agra; engineering, procurement and construction business, power plants, a hospital in Noida and the Buddh International Circuit.

National Asset Reconstruction Co Ltd (NARCL) has emerged as the preferred bidder to take over the distressed Jaiprakash Associates Ltd (JAL) after process advisor IDBI Capital Markets & Securities (ICMS) did not receive any competing bid to the Rs 120 billion offer by the government backed bad loan aggregator.ICMS had extended the timeline to find a competing bid by a week to January 14 last Wednesday but since no offer came up in the time period, NARCL's is now the only one to take over JAL, people familiar with the details said.Close to a dozen entities had shown interest in acquiring the Noida based conglomerate on an all cash basis in challenge to the NARCL's offer, ET had reported earlier this month. It was decided there is no point in extending the timeline since no serious bids are expected. NARCL will be formally intimated this week following which it will approach the government to sign off on the guarantee issued for this deal. Banks are hopeful the process willl be completed before the end of March so that they can show this recovery in the current fiscal, said one of the persons aware of the details.For NARCL too JAL will be its largest acquisition and help it add to its business growth after what has been a slow fiscal year. JAL is the biggest insolvency resolution case since the Insolvency and Bankruptcy Code (IBC) came into force in 2016 which is yet to be resolved. In terms of debt size, the JAL resolution is only dwarfed by the Rs 65,000 crore owed by Videocon Industries to its creditors.JAL was among the 26 defaulters that the Reserve Bank of India had directed to be taken to the bankruptcy process in 2017 but has been entangled in litigation. The NCLAT is yet to pronounce its order in response to the company’s appeal against the NCLT decision to start insolvency proceedings against JAL in June this year. Its assets on the ground have made bankers hopeful of a respectable recovery if they consolidate this debt into the public-sector bank controlled NARCL.The assets include operating cement plants with capacity of more than 9 million tonnes; real estate around the Yamuna Expressway Industrial Development Area; hotels in Delhi, Noida, Mussoorie and Agra; engineering, procurement and construction business, power plants, a hospital in Noida and the Buddh International Circuit.

Infrastructure Urban

06 Apr 2026

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

Infrastructure Urban

06 Apr 2026

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

Infrastructure Energy

06 Apr 2026

G R Infraprojects Secures Rs 4,130 Million BESS Contract From NTPC

G R Infraprojects said it has secured a contract from NTPC to supply and implement a battery energy storage system (BESS) valued at Rs 4,130 million (mn). The company reported the order was awarded as part of NTPC's ongoing efforts to enhance grid flexibility and energy storage capacity. The contract represents a notable addition to the firm's project pipeline and underscores demand for utility scale storage solutions. The award is expected to strengthen G R Infraprojects' presence in the energy infrastructure sector and to contribute to the firm's order book and future revenues, subject to st..