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Shares of Jaiprakash Power Ventures Ltd surged sharply following the approval of Gautam Adani's acquisition plan for Jaiprakash Associates. Adani Enterprises won the bid, outbidding Vedanta and Dalmia Bharat, securing 89 per cent of creditor votes. JAL, which entered insolvency proceedings last year after defaulting on loans of over INR 57,000 crore, holds significant assets across real estate, cement, hospitality, power, and infrastructure. The acquisition and market response reflect growing investor confidence in the company's resolution process and future prospects.
Shares of Jaiprakash Power Ventures Ltd have seen strong demand, rising sharply over the past two trading sessions. The stock climbed 6.50 per cent to settle at INR 21.63 on the BSE, with an intra-day high of INR 22.80. On the NSE, it ended at INR 21.57, surging as much as 12.43 per cent during the day. In the previous trading session, the stock had already jumped over 15 per cent on the BSE. Advertisement
The market movement comes after business tycoon Gautam Adani received approval from the creditors of Jaiprakash Associates (JAL) for his acquisition proposal worth INR 14,535 crore for the bankrupt infrastructure group. Adani Enterprises, the flagship company of the Adani Group, outbid Vedanta and Dalmia Bharat to secure the bid.
In a stock exchange filing, Adani Enterprises stated that the Committee of Creditors of JAL, which is undergoing a Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, approved the resolution plan submitted by the company. Adani Enterprises received 89 per cent of votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group. While financial details of the bid were not disclosed, the company confirmed receiving a Letter of Intent from the Resolution Professional on November 19, 2025.
Jaiprakash Associates, which has assets and business operations across real estate, cement, hospitality, power, and engineering & construction, entered the Corporate Insolvency Resolution Process in June last year after defaulting on loans totaling INR 57,185 crore. Its major real estate projects include Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida, and Jaypee International Sports City near the upcoming Jewar International Airport.
JAL also owns three commercial and industrial office spaces in Delhi-NCR, five hotels across Delhi-NCR, Mussoorie, and Agra, four cement plants in Madhya Pradesh and Uttar Pradesh, and leased limestone mines in Madhya Pradesh. Its investment portfolio includes subsidiaries like Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.
Source PTI
5th Jun, 2025
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