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.
Adani's bid stands at INR125bn (US$1.4bn), according to sources and it 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.
As the flagship company of the Jaypee group, Jaiprakash Associates was one of the leading cement manufacturers with an installed capacity of around 28Mta. It is also engaged in the construction business in the fields of civil engineering, design and construction of hydropower and river valley projects.
