India: Adani Group subsidiary Ambuja Cements has submitted a US$60m offer to acquire the bankrupt Jaypee Cement Corporation, an affiliate of Jaypee Associates. The only other bidder, My Home Group, exited the process after submitting an offer of US$30m. However, the Ambuja offer is well below the liquidation value of US$83m, according to sources speaking to the Economic Times. Lenders are now reported to be negotiating with the Adani Group to further raise the offer. Adani Group has not yet responded to the Indian press regarding the matter.
Jaypee Cement was admitted into corporate insolvency in July 2024 following a petition by the State Bank of India. The company has an integrated cement capacity of 5Mt/yr and owns two captive power plants totalling 60MW. Operations at its 1.2Mt/yr cement plant in Shahabad, Karnataka, are currently suspended.
