Jaiprakash Gaur backs Adani’s JAL takeover bid

JAYPEE GROUP FOUNDER Jaiprakash Gaur backed lenders’ decision to select the Adani Group as the successful bidder for Jaiprakash Associates Ltd (JAL), saying the group “fully respects” the outcome of the insolvency process.

- URVI MALVANIA

In a statement, Gaur described JAL as more than a company and acknowledged the financial stress that led to insolvency proceedings.

“The recent financial challenges that led to the Corporate Insolvency Resolution Process have been difficult for all stakeholders,’ Gaur said.

“I appreciate the fair and transparent process conducted by the Committee of Creditors and the Resolution Professional, and I thank both the Adani Group and the Vedanta Group for their participation and interest)’ he added.

Gaur also expressed confidence that, under Gautam Adani’s leadership, the company’s legacy would be carried forward while meeting stakeholder expectations.