Adani submits bid for Jaypee Infra

New Delhi: Business conglomerate Adani group has made an unsolicited and non-binding bid to acquire Jaypee Infratech and is ready to infuse up to Rs 1,700 crore to expedite the construction of stuck housing projects of the debt-laden realty firm and deliver flats to home buyers, sources said.

Adani has promised to infuse another Rs 1,000 crore in two equal tranches of Rs 500 crore each to settle claims of workmen as well as secured and unsecured financial creditors, besides meeting cost for insolvency proceedings.

It will also transfer 1,000-acre land to bankers to swap debt with assets. Adani group had participated in the first round of insolvency process but did not bid in the current round within the fixed timeframe.

However, the group later expressed interest to bid for Jaypee Infratech, the subsidiary of Jaypee group's flagship firm Jaiprakash Associates. Now, Adani Infrastructure and Developers Pvt Ltd has submitted an "unsolicited" and "non-binding" resolution plan to Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain, sources said.

The IRP has called a meeting of the Committee of Creditors (CoC) Thursday for further discussion on the resolution plan submitted by state-owned NBCC. The consideration of Adani's bid is not on the agenda of the CoC meet, sources said, but added that lenders and home buyers could decide to take up discussion on the offer during the meeting.

In its bid, Adani group has offered to "infuse an amount of up to Rs 1,700 crore for the purpose of expediting the construction of the real estate projects of the company and delivery of the possession of the same to the home buyers".