Adani Group may consider $1-billion bid for Jaypee’s realty assets: Reports

The committee is expected to evaluate Adani’s bid as part of the ongoing insolvency proceedings.

Adani Group is likely to make a $1-billion bid for bankrupt Jaypee Group’s vast realty assets, including premium apartment complexes, villas, and golf courses, in the National Capital Region (NCR), Mint has reported, marking the Gautam Adani-led conglomerate’s entry into the country's largest property market.

Adani’s bid, if successful, could expand its real estate portfolio fourfold. The conglomerate's offer is part of a comprehensive resolution package for Jaypee's flagship entity, Jaiprakash Associates Ltd (JAL), which is entangled in the largest bankruptcy case in India, with over Rs 50,000 crore in default, the report said.

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Moneycontrol couldn’t verify the report independently.

Adani is not only eyeing Jaypee’s real estate assets but is also preparing a bid for the company’s cement assets.

The proposed resolution package includes an estimated Rs 15,000 crore offer to the lenders, aiming to acquire both Jaypee’s real estate and cement businesses.

Jaypee Group’s real estate holdings include high-profile projects such as the 452-acre Jaypee Greens township in Greater Noida, featuring luxury villas, apartments, and a golf course.

Other assets include Jaypee Greens Wish Town Noida, a sprawling 1,063-acre township, and the Jaypee Greens Sports City, which boasts a motor racing track along the Yamuna Expressway.

The acquisition would place Adani in direct competition with other major players in the Indian real estate sector such as the Godrej Group, Tata Group, Larsen & Toubro, and the Raymond Group.

Currently, Adani’s real estate ventures are largely concentrated around Mumbai and valued at approximately Rs 6,000 crore, excluding significant projects like the Dharavi slum redevelopment and a major land parcel in Bandra.

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The move hints Adani’s aggressive expansion strategy in real estate following its recent acquisition of prime land at Bandra Reclamation and its ongoing plans to redevelop significant properties in Mumbai.

The resolution process for Jaypee Group involves a committee of creditors, including major financial institutions such as the State Bank of India, ICICI Bank, and LIC.

The committee is expected to evaluate Adani’s bid as part of the ongoing insolvency proceedings.

Adani's bid, along with its other real estate ventures, reflects a broader strategy to consolidate its position in India’s booming realty market.

The deal’s progress will depend on the approval from Jaypee Group’s top creditors and the insolvency framework set by the National Company Law Tribunal, the report said.

Emails seeking comments from representatives of Adani Group, Jaypee Group, and key creditors remained unanswered, the report said.