No challenger to NARCL in take over bid for Jaiprakash Associates
NARCL) has emerged as the preferred bidder to take over the distressed Jaiprakash Associates Ltd (JAL) after process advisor IDBI Capital Markets & Securities (ICMS) did not receive any competing bid to the Rs 12,000 crore offer by the government backed bad loan aggregator.
Budget with ET
India’s growing trade imbalance with China: Can Budget 2025 provide a solution?
Will Chandrababu Naidu-ruled Andhra Pradesh continue to be Modi govt's focus point?
Tax cuts, tariff, growth strategies top Indian industry's Budget wish list
ICMS had extended the timeline to find a competing bid by a week to January 14 last Wednesday but since no offer came up in the time period, NARCL's is now the only one to take over JAL, people familiar with the details said.
Close to a dozen entities had shown interest in acquiring the Noida based conglomerate on an all cash basis in challenge to the NARCL's offer, ET had reported earlier this month.
«It was decided there is no point in extending the timeline since no serious bids are expected. NARCL will be formally intimated this week following which it will approach the government to sign off on the guarantee issued for this deal. Banks are hopeful the process willl be completed before the end of March so that they can show this recovery in the current fiscal,» said one of the persons aware of the details.
JAL owes lenders a total of Rs 57, 177 crore, led by Rs 15,465 crore to State Bank of India (SBI) and Rs 10,443 crore by ICICI Bank. NARCL’s Rs 12,000 crore bid envisages a 23% recovery for
