Adani Group Secures Approval to Acquire Jaiprakash Associates

Adani Group Wins Majority Lender Approval for Jaiprakash Associates Acquisition

Adani Enterprises has received the backing of over 89% of Jaiprakash Associates’ creditors for its ₹14,535 crore resolution plan, marking a major step toward taking over the indebted infrastructure firm. The Committee of Creditors (CoC) favoured Adani’s bid-primarily due to its higher upfront cash payment compared to rival offers.

The acquisition, if completed, will give Adani access to Jaiprakash’s diverse business verticals, including real estate, construction, and infrastructure. These assets are expected to significantly bolster Adani’s growth strategy in sectors beyond its core business.

Why Lenders Chose Adani’s Offer

Adani’s proposal included a sizeable upfront payment of ₹6,005 crore and a shorter repayment window-factors that weighed heavily in the decision-making process. Other bidders like Vedanta and Dalmia Cement were also considered, but lender preference leaned toward Adani’s aggressive cash terms.

Behind the scenes, the National Asset Reconstruction Company Ltd (NARCL), which holds a dominant share of Jaiprakash’s debt, played a key role in supporting Adani’s plan. This joint backing from multiple financial institutions signals confidence in Adani’s ability to manage and scale Jaiprakash’s business.

Regulatory Green Light Secured

The deal has already received approval from the Competition Commission of India (CCI), clearing one of the most critical regulatory hurdles. With the Letter of Intent (LOI now issued, the plan is expected to move to the National Company Law Tribunal (NCLT) for final approval.

Strategic Implications of the Deal

For Adani, this acquisition is more than just a bailout - it’s a strategic play to expand its industrial footprint. Jaiprakash’s real estate holdings, power assets, and past infrastructure projects could fuel future growth. Investors are watching closely, given the scale and potential value unlocking.

The Road Ahead

The final closing of this transaction depends on regulatory approvals and successful fulfilment of resolution terms. Once completed, Adani could integrate Jaiprakash’s assets into its broader business ecosystem, potentially unlocking new synergies across real estate, infrastructure, and energy. But the execution risk remains significant, especially given JAL’s heavy debt burden.

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