Adani Group Jaypee Cement: Adani Group may acquire Jaypee Cement, a company going through bankruptcy process!

Adani Group Jaypee Cement: Adani Group may soon acquire Jaypee Cement. Jaypee Cement has an annual capacity of more than 90 lakh tonnes. Jaypee Cement is undergoing bankruptcy proceedings. Lenders initiated proceedings against Jaypee Cement under the Insolvency and Bankruptcy Code (IBC) in early June.

On June 3, nearly six years after ICICI Bank filed a petition, the National Company Law Tribunal (NCLT) court in Allahabad admitted Jaiprakash Associates Ltd for corporate insolvency.
According to media reports, the initiation of proceedings against Jaiprakash has opened up an opportunity for the Adani Group to acquire the company's cement assets as well as related assets such as limestone mines and a power plant.

Adani Group begins plan to buy Jaypee Cement's assets
According to media reports, Adani Group has started working on a plan to buy Jaypee Cement's assets. However, the bankruptcy process is still in its initial stages. Jaiprakash was admitted to NCLT last month and so far its creditors' committee has met only once on June 29.
The process of selling the property of Jaiprakash Associates has not started
The formal process of selling the assets of Jaiprakash Associates has not started yet. Dalmia Bharat had signed a deal with Jaypee to buy cement and power assets at an enterprise value of Rs 5,666 crore in 2022. However, the deal has not been completed yet due to lack of approval from the lenders of Jaypee Associates.
Mediation going on between Jaiprakash and UltraTech Cement
Besides, the case may also get delayed due to the ongoing arbitration between Jaiprakash and UltraTech Cement for the asset called Jaypee Super Dalmia. Dalmia's proposed deal includes the acquisition of 22 lakh tonne cement capacity in Bhilai as well as 33 lakh tonne clinker at Babupur in Madhya Pradesh and Jaypee Super in Uttar Pradesh.
In the case of the 2 MTPA cement plant at Nigri in Madhya Pradesh, Dalmia was to enter into a seven-year lease agreement with an option to buy the unit at any time during the lease period. The acquisition of Jaypee Super Asset was dependent on the outcome of the arbitration case between Jaiprakash Associates and UltraTech Cement.