Adani, Hindujas Join Race for Jaypee Infra

The move comes as Jaiprakash Associates, which holds a majority stake, has been virtually ruled out of the race to stay in control of the co. facing insolvency proceedings. Jaypee Infratech is yet to deliver around 25,000 flats in Noida and also manages the Taj Expressway that connects the Delhi suburb with Agra. JSW had earlier submitted a joint proposal with Jaiprakash Associates and was in talks to acquire around 30% stake. Sources told TOI that the fresh offer is on a standalone basis and makes the company one of the top bidders for the 12 high-profile companies facing action under the IBC. The Sajjan Jindal Group is eyeing Bhushan Steel and Monnet Ispat among companies on the block as part of the insolvency crackdown ordered by the RBI. The interest from 3 big players will offer comfort to Jaypee Infratech lenders. Ordinance promulgated last week was seen to result in less aggressive bidding in Jaypee after promoters of CoS that have been NPAs for over a year were made ineligible to submit bids under the 180-day resolution process. The insolvency professional is looking at investors to raise Rs 2,000 Cr for completion of the flats and villas. At the last meeting of the committee of creditors there was also a proposal for lenders to pump in Rs 500 Cr to resume construction but a decision was deferred with the banks eyeing funds from the new investors. Several prominent players such as Tata Realty, L&T Infra, Anil Agarwal’s Vedanta  Group, Lodha, IDFC and the govt-promoted NIIF had responded to the insolvency professional’s notice seeking interest from potential investors. While several of the CoS are looking at all the assets of Jaypee Infratech, there are some which are interested either in the real estate project or the Taj Expressway.