Jaiprakash Associates Acquisition: Adani's Rs 14,535-Crore Offer Gets Approval From Lenders

Jaiprakash Associates Acquisition: Adani's Rs 14,535-Crore Offer Gets Approval From Lenders

Business tycoon Gautam Adani has received approval from the creditors of Jaiprakash Associates (JAL) for his Rs 14,535 crore proposal to acquire the bankrupt infrastructure group. Adani Enterprises, the main company of the Adani Group, outbid Vedanta and Dalmia Bharat to win the bid for JAL.

The Committee of Creditors (COC) of Jaiprakash Associates Limited, which is undergoing insolvency proceedings, has approved the resolution plan submitted by Adani Enterprises Limited, according to a stock exchange filing. Adani received the highest 89 per cent of votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group.

Without sharing financial details, Adani Enterprises said it received a Letter of Intent from the Resolution Professional on November 19, 2025. The National Asset Reconstruction Company Ltd (NARCL) played the biggest role in the process, controlling about 86 percent of the voting share. A small group of lenders, including State Bank of India and ICICI Bank, who together have less than 3 percent of the votes, did not participate in the voting.

Sources said lenders preferred Adani's plan mainly because it offered a much higher upfront payment compared to other proposals. The Adani Group proposed a total plan value of Rs 14,535 crore, including Rs 6,005 crore upfront and another Rs 7,600 crore to be paid after two years. In net present value terms, the offer is estimated at Rs 12,000 crore.

Vedanta offered Rs 3,800 crore upfront and Rs 12,400 crore in deferred payments over five years, making the total plan value Rs 16,726 crore. The implementation of the resolution plan depends on the terms of the Letter of Intent and necessary approvals from the National Company Law Tribunal, Allahabad Bench, Prayagraj, and other regulatory authorities. When contacted, a Vedanta spokesperson said, ‘CoC voting is happening this week, and we trust that the CoC will make the best decision in the public interest. Vedanta is a growth-oriented company, always looking for opportunities and synergy. Our approach remains disciplined, focused on value creation and long-term growth.' Jaiprakash Associates, which has high-quality assets and interests in real estate, cement manufacturing, hospitality, power, and engineering & construction, entered insolvency proceedings in June last year after defaulting on loans totaling Rs 57,185 crore.

In June, JAL announced it had received five bids with earnest money from Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power, and PNC Infratech. In September, the CoC held an auction under the Swiss challenge process. JAL has major real estate projects like Jaypee Greens in Greater Noida, part of Jaypee Greens Wishtown in Noida, and Jaypee International Sports City near the upcoming Jewar International Airport. It also owns three commercial and industrial office spaces in Delhi-NCR, and its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra.

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JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and some leased limestone mines in Madhya Pradesh. It also has investments in subsidiaries like Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies. Sources said the CoC evaluated the resolution plans using an evaluation matrix, and Adani Enterprises' plan received the highest score, followed by Dalmia Cement (Bharat) and Vedanta Ltd. Payments in Dalmia's plan depend on the Supreme Court's judgment on a pending matter between JAL and the development authority YEIDA.

Adani Group is offering payment to lenders within two years, while Vedanta is offering payments over five years. In April this year, 25 companies showed interest in acquiring JAL, but in June, JAL announced it had received bids from five companies with earnest money for the acquisition through the insolvency process. The financial stress and insolvency affected JAL's businesses, including cement manufacturing units and important EPC projects like the Pakal Dul Dam project in Jammu & Kashmir and the Srisailam Canal project in Andhra Pradesh.

Source: News18
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