Adani Enterprises Wins Approval for ₹14,535 Crore Jaiprakash Deal

Adani Enterprises Limited (AEL), the flagship entity of the Adani Group led by Gautam Adani, has received approval from creditors for its bid of ₹14,535 crore to acquire Jaiprakash Associates Limited (JAL), a company currently undergoing corporate insolvency.

The decision was confirmed in a stock exchange announcement on 19 November 2025, where AEL noted that the Committee of Creditors (CoC) had endorsed its resolution plan. AEL received a Letter of Intent from the Resolution Professional at 3:05 p.m. on the same day.

In the competitive bidding process, Adani Enterprises secured 89% of the votes from creditors, leaving behind Vedanta and Dalmia Bharat, which were also in the running. The National Asset Reconstruction Company Limited (NARCL), the largest creditor, played a significant role in the decision-making process, holding approximately 86% of the CoC's voting power. A small faction of lenders, including the State Bank of India and ICICI Bank, abstained from voting, accounting for less than 3% of the total votes.

AEL stated, "The implementation of the resolution plan is subject to the terms of the Letter of Intent and requisite approvals from the National Company Law Tribunal in Allahabad and other regulatory authorities."

Insiders revealed that creditors favoured Adani's proposal due to its higher immediate payment compared to other bids. The Adani Group's offer includes an upfront payment of ₹6,005 crore, with an additional ₹7,600 crore to be paid after two years. The total plan value, when adjusted for net present value, is estimated at ₹12,000 crore.

In contrast, Vedanta, led by billionaire Anil Agarwal, had offered an initial payment of ₹3,800 crore alongside deferred payments totalling ₹12,400 crore over a five-year period, leading to a total plan value of ₹16,726 crore. A spokesperson for Vedanta commented, "The CoC voting is happening this week, and we believe the CoC will make the best decision in the public interest. Our approach remains focused on sustainable growth and value creation."

Jaiprakash Associates, which has a diverse portfolio including real estate, cement production, hospitality, and power generation, entered the Corporate Insolvency Resolution Process in June 2024 after defaulting on loan payments amounting to ₹57,185 crore. Initial bids for the company were submitted by several firms, including Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power, and PNC Infratech. The CoC conducted an auction under the Swiss challenge method in September, where Adani's proposal received the highest score based on an evaluation matrix.

The resolution plans were assessed based on a scoring system, with Adani Enterprises emerging as the top scorer, followed by Dalmia Cement and Vedanta. However, some lenders have raised concerns regarding the scoring methodology used during the assessment.

Legal experts suggest that the decision to select Adani's bid, despite it not being the highest in terms of total plan value, may face scrutiny in court. However, historically, courts have tended to respect the commercial judgement of creditors in insolvency cases.

The acquisition of Jaiprakash Associates, a key player in various infrastructure sectors, represents a significant move for the Adani Group as it seeks to expand its holdings in the Indian market. The company's diverse interests, which include a major sports city project in Greater Noida, showcase its extensive reach across multiple industries. The outcome of this deal could have lasting implications for the infrastructure landscape in India as well as for the stakeholders involved in the insolvency proceedings.