New Delhi: Founder of the JP Group, Jaiprakash Gaur, has expressed support for the decision of lenders to select the Adani Group as the successful bidder for acquiring the assets of the bankrupt Jaiprakash Associates Limited (JAL).
Gaur also conveyed confidence that the conglomerate, led by Gautam Adani, would successfully take forward the legacy and operations of JAL.
His statement comes days after rival bidder Vedanta Limited, headed by Anil Agarwal, claimed that Gaur had preferred Vedanta as a “safe pair of hands” for the company.
Responding to the ongoing developments, Gaur praised the transparent and fair process conducted by the Committee of Creditors (CoC) and the resolution professional. “I appreciate the impartial and transparent process carried out by the lenders and thank both Adani Group and Vedanta Group for their participation,” he said.
He further stated that the CoC’s decision to select Adani Group as the successful bidder deserves full respect. “We completely honour the decision taken by the Committee of Creditors,” Gaur added.
The CoC had approved a ₹14,535 crore bid by Adani Enterprises Limited in November last year for the acquisition of JAL’s assets through the insolvency process. The proposal recently received approval from the Allahabad bench of the National Company Law Tribunal.
However, the decision has been challenged by Vedanta Group, which had submitted a higher bid of ₹17,926 crore. The matter is currently under consideration before the National Company Law Appellate Tribunal.
Expressing emotional attachment to the company, Gaur remarked that JAL is not merely a business entity but represents a long and personal journey that began in 1979. He voiced optimism that under Gautam Adani’s leadership, the company would meet stakeholders’ expectations and continue to grow.
JAL holds significant assets, including real estate projects such as Jaypee Greens in Greater Noida, cement plants in Madhya Pradesh and Uttar Pradesh, and leased limestone mines in Madhya Pradesh. It also has investments in subsidiaries like Jaypee Power Ventures Limited, Yamuna Expressway Tolling Limited, and Jaypee Infrastructure Development Limited.
Gaur extended his best wishes to the Adani Group for successfully carrying forward the legacy of the company.
