Adani Enterprises gets lenders’ nod to acquire Jaiprakash Associates

Adani Enterprises, backed by billionaire businessman Gautam Adani, said on Wednesday that creditors of bankrupt infrastructure company Jaiprakash Associates have approved a takeover bid of the company. The company did not disclose the bid value.

Post the acquisition, Adani Enterprises will have control over Jaiprakash Associates’ business, which previously spanned seven reporting sectors. ₹6,500 crore income and above ₹35,000 crore assets for FY25.

Adani will get 3,985 acres of land in Noida and Greater Noida in Uttar Pradesh, 6.5 million tonnes of cement capacity in Madhya Pradesh and Uttar Pradesh and 24% stake in Jaiprakash Power Ventures. An 867-room accommodation business in five hotels in Delhi, Agra and Mussoorie, as well as construction and fertilizer facilities are also included as part of the auction process.

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The conglomerate has roped in four other players, including Anil Agarwal’s Vedanta Ltd, Puneet Dalmia-backed Dalmia Bharat, Naveen Jindal’s Jindal Power and PNC Infratech, to take over the debt-ridden conglomerate as part of the corporate insolvency resolution process.

“Adani Enterprises received a Letter of Intent from its Resolution Professional on November 19, 2025 at 3:05 pm. JAL is engaged in a wide range of businesses including engineering and construction, cement, energy, real estate, fertiliser, hospitality, including investments in its subsidiaries and affiliates. Implementation of the resolution plan is subject to LOI terms and necessary approvals,” the company said in a statement to the stock exchanges.

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The case of Noida-based Jaiprakash Associates is one of the longest-running bankruptcy cases in India. It was admitted to corporate insolvency by the Allahabad bench of the National Company Law Tribunal on June 3, 2024.

Creditors vote

The group is in debt ₹59,000 crore to banks. The consortium of banks led by the State Bank of India had transferred some of its debts to National Asset Reconstruction Co Ltd (NARCL) worth 200 thousand TL. ₹12,700 crore after insolvency proceedings were initiated. NARCL, which has around 86% majority in the committee of creditors (CoC), has emerged as the key decision maker in the process. According to bankruptcy rules, a resolution plan requires approval by at least 67% of the CoC votes. NARCL has faced this bar alone.

In September this year, Vedanta Ltd emerged as a major contender for Jaiprakash Associates in an auction process, where it placed a bid with an enterprise value of ₹2.5 million. ₹17000 crore for the group. However, when the final solution plans were put to vote in the YSK, Adani’s solution plan received maximum support. All five decision plans were put to vote in the process that started on November 10 and ended on November 18.

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A person aware of the development said Adani’s resolution plan proposes a higher upfront payment compared to competing offers. The holding made an offer above the total plan value. ₹14,500 crore included ₹6,000 crore upfront and one more ₹7,600 crore to be paid after two years. In terms of net present value, the bid is estimated as follows: ₹The person said 12,000 crore.

Mint He could not independently verify the details of the resolution plan proposed by Adani.

As the next step, Adani needs to get regulatory approvals, including that of the NCLT Allahabad bench.