Adani Enterprises gets lenders' nod to acquire Jaiprakash Associates

Billionaire businessman Gautam Adani-promoted Adani Enterprises said on Wednesday that the creditors of the bankrupt infrastructure firm Jaiprakash Associates have approved its takeover proposal. The company did not disclose its bid value.

Upon takeover, Adani Enterprises will have control over Jaiprakash Associates' business spanning seven industries that had reported over ₹6,500 crore in revenue and over ₹35,000 crore in assets for FY25.

Adani will get 3,985 acres of land across Noida and Greater Noida in Uttar Pradesh, 6.5 million tonnes of cement capacity in Madhya Pradesh and Uttar Pradesh, and a 24% stake in Jaiprakash Power Ventures. A hospitality business with 867 rooms across five hotels in Delhi, Agra and Mussoorie and a construction and fertilizer plants are also part of the auction process.

The conglomerate pipped four other players that included 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, under the corporate insolvency resolution process.

“Adani Enterprises has received a Letter of Intent from the Resolution Professional on November 19, 2025 at 3:05 p.m. JAL is engaged in wide array of businesses such as engineering and construction, cement, power, real estate, fertilisers, hospitality including through investments in its subsidiaries and affiliates. The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals,” the company said in a statement to the bourses.

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

Creditors vote

The group owes ₹59,000 crore to banks. Led by the State Bank of India, the consortium of banks had transferred part of their debt to National Asset Reconstruction Co Ltd (NARCL) valued at ₹12,700 crore after insolvency proceedings were initiated. The NARCL, with nearly 86% majority in the committee of creditors (CoC) emerged as a key decision-maker in the process. Under the insolvency rules, a resolution plan needs approval from at least 67% of CoC votes. NARCL alone met this bar.

In September this year, Vedanta Ltd had emerged a key contender for Jaiprakash Associates in an auction process, where it had bid an enterprise value of ₹17000 crore for the group. However, when the final resolution plans were put to vote in the CoC, Adani’s resolution plan secured the maximum support. All the five resolution plans were put to vote in a process that started on 10 November and concluded on 18 November.

Adani's resolution plan offered a higher upfront payment compared to the competing proposals, a person aware of the development said. The conglomerate has proposed a total plan value of over ₹14,500 crore, including ₹6,000 crore upfront and another ₹7,600 crore payable after two years. In net present value terms, the offer is estimated at ₹12,000 crore, the person said.

Mint 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.