In a significant corporate development, billionaire Gautam Adani's flagship company Adani Enterprises has successfully secured creditors' approval to take over the bankrupt infrastructure giant Jaiprakash Associates Ltd. The landmark decision concludes one of India's longest-running insolvency proceedings and marks a major expansion for the Adani Group's diversified business portfolio.
Massive Asset Acquisition
The takeover grants Adani Enterprises control over Jaiprakash Associates' extensive business empire spanning seven different industries. The acquired operations had reported impressive financial metrics, including revenue exceeding ₹6,500 crore and assets valued over ₹35,000 crore for FY25.
The acquisition package includes substantial physical assets across multiple states. Adani will gain control of 3,985 acres of prime land located in Noida and Greater Noida regions of Uttar Pradesh. The deal also transfers significant cement production capacity totaling 6.5 million tonnes spread across Madhya Pradesh and Uttar Pradesh.
Diverse Business Portfolio
Beyond real estate and cement, the acquisition encompasses multiple strategic business verticals. Adani Enterprises will secure a 24% stake in Jaiprakash Power Ventures, significantly expanding its energy footprint. The hospitality segment includes five hotels with 867 rooms located in key tourist destinations including Delhi, Agra, and Mussoorie.
The comprehensive takeover also includes construction businesses and fertilizer plants that were part of the auction process. This diversified asset portfolio positions Adani Enterprises for substantial growth across multiple infrastructure sectors simultaneously.
Competitive Bidding Process
Adani Enterprises emerged victorious in a highly competitive bidding process that featured four other prominent contenders. The company outperformed Anil Agarwal's Vedanta Ltd, Puneet Dalmia-backed Dalmia Bharat, Naveen Jindal's Jindal Power, and PNC Infratech to secure the debt-ridden conglomerate.
The corporate insolvency resolution process saw intense competition, with Vedanta Ltd initially emerging as a key contender during September auctions by bidding an enterprise value of ₹17,000 crore. However, when final resolution plans were put to vote in the Committee of Creditors between November 10 and November 18, Adani's proposal secured maximum support.
Financial Resolution Details
According to sources familiar with the development, Adani's resolution plan stood out due to its higher upfront payment component compared to competing proposals. The conglomerate has proposed a total plan value exceeding ₹14,500 crore, structured with ₹6,000 crore as immediate upfront payment and another ₹7,600 crore payable after two years.
In net present value terms, the offer is estimated at approximately ₹12,000 crore. The company received the formal Letter of Intent from the Resolution Professional on November 19, 2025, at 3:05 p.m., marking the official commencement of the takeover process.
Creditors and Debt Resolution
The insolvency case involved substantial financial stakes, with Jaiprakash Associates owing ₹59,000 crore to various banks. A consortium led by State Bank of India had transferred part of their debt valued at ₹12,700 crore to National Asset Reconstruction Co Ltd (NARCL) after insolvency proceedings were initiated.
NARCL emerged as the key decision-maker in the process, holding nearly 86% majority in the committee of creditors. This dominant position meant that NARCL alone could meet the minimum threshold of 67% CoC votes required for plan approval under insolvency rules.
The Noida-based Jaiprakash Associates' case represents one of India's most protracted insolvency proceedings. The National Company Law Tribunal's Allahabad bench had admitted the company into corporate insolvency on June 3, 2024, setting the stage for the nearly two-year resolution process.
As the next step, Adani Enterprises must obtain regulatory approvals, including clearance from the NCLT Allahabad bench, to formally implement the resolution plan and complete the landmark takeover of Jaiprakash Associates' diversified business empire.
