Adani, Hindujas join race
At least three high-profile bidders — Adani Group, Hindujas and Sajjan Jindal’s JSW Group — have entered the fray to invest in Jaypee Infratech, taking the number of suitors past 20.
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 company 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 Insolvency and Bankruptcy Code (IBC).