Adani Group Targets $1 Billion Bid for Jaypee Realty Assets

The Adani Group is poised to submit a $1-billion bid for the extensive real estate assets of the bankrupt Jaypee Group, as reported by Mint. These assets include high-end apartment complexes, villas, and golf courses in the National Capital Region (NCR), signaling the conglomerate’s entry into the country’s largest property market.

If the bid is successful, Adani's real estate portfolio could grow fourfold. This offer is part of a broader resolution package for Jaypee’s flagship company, Jaiprakash Associates Ltd (JAL), which is embroiled in India’s largest bankruptcy case, with debts exceeding ₹50,000 crore.

Moneycontrol has not independently verified this report. In addition to real estate, Adani is also planning a bid for Jaypee’s cement assets.

The resolution package proposed includes approximately ₹15,000 crore to be offered to lenders, with the aim of acquiring both Jaypee’s real estate and cement divisions.

Jaypee Group's real estate assets include notable projects such as the 452-acre Jaypee Greens township in Greater Noida, which features luxury villas, apartments, and a golf course. Other significant properties are the 1,063-acre Jaypee Greens Wish Town Noida and the Jaypee Greens Sports City, which includes a motor racing track along the Yamuna Expressway.

Acquiring these assets would put Adani in direct competition with other major players in the Indian real estate market, such as the Godrej Group, Tata Group, Larsen & Toubro, and the Raymond Group.

Currently, Adani’s real estate investments are predominantly focused around Mumbai, valued at roughly ₹6,000 crore, excluding major projects like the Dharavi slum redevelopment and a significant land parcel in Bandra.

This move suggests Adani's aggressive expansion strategy in real estate, following its recent acquisition of prime land at Bandra Reclamation and ongoing redevelopment plans for key properties in Mumbai.

The resolution process for Jaypee Group involves a committee of creditors, including major financial institutions like the State Bank of India, ICICI Bank, and LIC. This committee will evaluate Adani’s bid as part of the ongoing insolvency proceedings.

Adani's bid and its other real estate endeavors highlight a broader strategy to solidify its position in India’s growing real estate market.

The deal’s progression will hinge on approval from Jaypee Group’s principal creditors and the National Company Law Tribunal’s insolvency framework.

Emails seeking comments from representatives of Adani Group, Jaypee Group, and key creditors went unanswered, according to the report.