Adani Enterprises Acquires Jaiprakash Associates Ltd for ₹14,535 Crore
Shares of Adani Enterprises rose over 2% on March 18, a day after the National Company Law Tribunal (NCLT) approved Adani Enterprises Ltd's ₹14,535-crore bid to acquire Jaiprakash Associates Ltd through the insolvency process.
NCLT Approves Resolution Plan
In a regulatory filing, Jaiprakash Associates Ltd (JAL) informed that the NCLT, Allahabad bench, has "orally pronounced an order on March 17, 2026, approving the resolution plan submitted by Adani Enterprises Ltd.
Adani Enterprises Wins Bid Over Vedanta and Dalmia Bharat
- Adani Enterprises won the approval of creditors of JAL for its ₹14,535 crore acquisition proposal for the bankrupt infrastructure group.
- It outbid Vedanta and Dalmia Bharat to win the bid for JAL.
- At 9:50 am on March 18, Adani Enterprises shares were trading 2.2% higher at ₹2,109 apiece.
JAL's Business Interests and Assets
- JAL has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power, and engineering & construction.
- JAL was admitted to the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC) in June last year after it defaulted on payments of loans aggregating ₹57,185 crore.
- JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City, located near the upcoming Jewar International Airport.
- It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra.
- JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh.
- It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.
Adani's Acquisitions
The COC of JAL, a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC), has approved the resolution plan submitted by Adani Enterprises Limited (AEL),
AEL had said in a stock exchange filing that it got the maximum 89% votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group.