Adani acquires Jaiprakash Associates for ₹14,535 crore

Adani Enterprises Acquires Jaiprakash Associates for ₹14,535 Crore

The National Company Law Tribunal (NCLT), Allahabad bench, approved Adani Enterprises Ltd's resolution plan for Jaiprakash Associates Ltd (JAL) on March 17, 2026. Shares of Adani Enterprises rose over 2% on March 18, a day after the approval.

The Deal

In November 2025, the Committee of Creditors approved Adani's plan with nearly 89% of the votes. Adani's proposal included an upfront payment of ₹6,005 crore and a shorter repayment window, factors that influenced creditor preference. Adani outbid Vedanta and Dalmia Bharat to win the bid for Jaiprakash Associates.

Asset Composition

The acquisition includes 4,000 acres of prime land, Jaiprakash Power Ventures Limited which controls 2,220 MW of generating capacity, four cement plants, five premium hotels, and a fertiliser unit. The cement plants are located at Rewa (Madhya Pradesh) and Churk, Chunar, and Sadwa (Uttar Pradesh), with combined cement capacity of 5.2 million tonnes per annum and 3.3 million tonnes per annum clinker capacity.

Background

Jaiprakash Associates Limited was undergoing insolvency proceedings due to heavy debt, having defaulted on loans worth around ₹57,185 crore. The National Company Law Tribunal in Allahabad admitted Jaiprakash Associates for corporate insolvency on 3 June 2024.

Strategic Implications

The acquisition will give Adani access to Jaiprakash's diverse business verticals, including real estate, construction, and infrastructure. The transaction represents one of India's largest insolvency resolutions, consolidating assets across cement, power generation, and real estate under a single operator.

Pending Challenges

Vedanta filed an appeal against the NCLT order in the National Company Law Appellate Tribunal (NCLAT). The case was scheduled for hearing before a bench led by Justice Ashok Bhushan, which would review whether the approval process and decision were fair and in line with rules.