In a major development in the ongoing resolution process of Jaiprakash Associates Ltd (JAL), the Gaur family, the company’s original promoters, has re-entered the race with an ₹18,000 crore proposal to regain control of the debt-laden infrastructure conglomerate.
The latest offer surpasses competing bids from Vedanta Group and the Adani Group, though lenders are said to be evaluating the family’s funding capabilities before proceeding further.
Promoters Make a Renewed Push
According to reports, the Gaur family’s ₹18,000 crore plan includes an upfront payment of ₹5,000 crore, with the remaining amount structured across various financial instruments.
The bid outpaces Vedanta’s ₹17,000 crore offer and Adani’s ₹12,005 crore proposal, both of which have been revised multiple times during the process.
Creditors, however, have sought proof of financing to assess the feasibility of the promoter-backed resolution plan.
Competing Offers from Vedanta and Adani
- Vedanta Group: ₹17,000 crore total bid, NPV ₹12,505 crore, including ₹4,000 crore upfront payment
- Adani Group: ₹12,005 crore bid, remaining the lowest offer so far
Both companies continue to remain active contenders and may further revise their offers depending on lenders’ response to the Gaur family’s latest proposal.
Land Asset Advantage
The promoters are reportedly banking on a potential reversal of an adverse land-related order involving the Yamuna Expressway Industrial Development Authority (YEIDA).
If overturned, the move could unlock ₹7,000–₹8,000 crore in additional value, significantly improving recovery prospects for both lenders and the promoters.
Jaiprakash Associates also holds extensive real estate assets across Greater Noida and along the Noida Expressway, which remain central to the Gaur family’s long-term revival strategy.
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