Top business groups such as JSW, Dalmia Bharat, Jindal Power, Vedanta, GMR, Welspun and Torrent have reportedly submitted expressions of interest (EoIs) for Jaiprakash Associates Ltd (JAL). The Adani Group is also expected to submit an EoI before the final deadline of March 25.
According to a report in The Economic Times, another large Delhi-based industrial house is expected to submit an EoI, as is Kotak Alternate Assets. EoIs are the first stage in the bidding process for a new owner for JAL.
This comes as JAL is set to go under the hammer in a court-monitored insolvency proceeding. A National Company Law Tribunal (NCLT) bench instructed the company’s Deloitte-backed resolution professional, Bhuvan Madan, to invite resolution…
