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Gautam Adani's Adani Enterprises has received creditor approval to acquire Jaiprakash Associates (JAL) for INR 14,535 crore, outbidding Vedanta and Dalmia Bharat. The CoC, dominated by NARCL, approved the plan with Adani securing 89% of votes. The proposal includes INR 6,005 crore upfront and INR 7,600 crore payable over two years, while Vedanta offered a back-ended five-year plan. JAL, in CIRP since last June due to INR 57,185 crore in loan defaults, owns major real estate, cement, and hospitality assets. The plan is now subject to regulatory approvals, including the National Company Law Tribunal.
Business tycoon Gautam Adani has secured the approval of creditors for Adani Enterprises' acquisition proposal of the bankrupt infrastructure firm Jaiprakash Associates (JAL), valued at INR 14,535 crore. The flagship company of the Adani Group outbid competitors Vedanta and Dalmia Bharat to emerge as the preferred bidder. Advertisement
Adani Enterprises stated in a stock exchange filing that the Committee of Creditors (CoC) of JAL, which is under the Corporate Insolvency Resolution Process (CIRP) governed by the Insolvency and Bankruptcy Code 2016, has approved its resolution plan. Adani Enterprises received overwhelming support, securing 89% of creditor votes, while Dalmia Cement and Vedanta followed behind.
The company confirmed it received a Letter of Intent (LOI) from the Resolution Professional on November 19, 2025. The National Asset Reconstruction Company Ltd (NARCL), holding approximately 86% of the CoC's voting power, played a key role in the decision. A few lenders, including State Bank of India and ICICI Bank, which collectively account for under 3% of votes, abstained.
Sources indicated that lenders favored Adani's plan primarily due to its significantly higher upfront payment. The total plan value proposed by Adani is INR 14,535 crore, comprising an upfront payment of INR 6,005 crore and INR 7,600 crore payable after two years. In net present value terms, this amounts to roughly INR 12,000 crore. By contrast, Vedanta offered INR 3,800 crore upfront and INR 12,400 crore in deferred payments over five years, making a total plan value of INR 16,726 crore.
Adani Enterprises noted that the resolution plan's implementation is subject to the LOI terms and approvals from the National Company Law Tribunal, Allahabad Bench, or any other regulatory authorities and courts. A Vedanta spokesperson commented that CoC voting is ongoing and expressed confidence that the committee will act in the public interest. Vedanta emphasized its disciplined approach toward value creation and long-term growth.
Jaiprakash Associates, with operations spanning real estate, cement, hospitality, power, and engineering & construction, had entered CIRP in June last year after defaulting on loans totaling INR 57,185 crore. Earlier this year, JAL announced receiving bids from five companies, including Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power, and PNC Infratech. An auction under the Swiss challenge process was conducted by the CoC in September.
JAL owns significant real estate assets such as Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida, and Jaypee International Sports City near the upcoming Jewar International Airport. Its commercial and industrial portfolio includes three office spaces in Delhi-NCR. In hospitality, JAL operates five hotels across Delhi-NCR, Mussoorie, and Agra. The company also runs four cement plants in Madhya Pradesh and Uttar Pradesh and leases limestone mines in Madhya Pradesh.
Investments in subsidiaries include Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, among others. The CoC reportedly evaluated resolution plans using an established evaluation matrix, and Adani Enterprises' plan scored the highest. Dalmia Cement's offer included contingent payments pending a Supreme Court judgment on a matter between JAL and YEIDA. Adani's plan ensures payments within two years, while Vedanta's payments are back-ended over five years.
Interest in acquiring JAL has been significant over the past year, with 25 companies showing interest in April. By June, JAL confirmed receipt of five formal bids along with earnest money. JAL's insolvency had impacted its operations, including cement production and critical EPC projects like the Pakal Dul Dam in Jammu & Kashmir and the Srisailam Canal project in Andhra Pradesh.
Source PTI
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