Jaypee Cement Acquisition: Ambuja Emerges as the Sole Contender in the Race
Ambuja Cements, a subsidiary of the Adani Group, has emerged as the sole contender in the race to acquire the bankrupt Jaypee Cement Corporation. Ambuja has submitted a bid of ₹580 crore for the acquisition of Jaypee Cement. Previously, the My Home Group, which also wanted to acquire Jaypee Cement, withdrew from the race after submitting a proposal of ₹300 crore. Under these circumstances, Ambuja Cements remains the only company left in the running to acquire Jaypee Cement.
However, those managing the sale process of Jaypee Cement are expecting a higher amount from Ambuja. Last year, Ambuja had offered a proposal of ₹227 crore to purchase Jaypee Cement, though that proposal was subsequently cancelled. Prior to this, the National Company Law Tribunal (NCLT) had approved a ₹14,535 crore resolution plan submitted by the Adani Group for Jaypee Associates.
About The Author
