Adani Wins Rs 13,500 Crore Bid for Jaiprakash, Edges Out Vedanta

Adani Enterprises is set to take over Jaiprakash Associates, which is struggling with debt. Creditors have approved Adani's plan, valued at Rs 13,500 crore. This is an important step in Adani Group's growth strategy & will help lenders recover a significant amount of the company’s debt.

The creditors’ committee of Jaiprakash Associates Ltd, made up mainly of Indian banks, preferred Adani Enterprises’ bid over Vedanta Ltd’s higher offer of Rs 17,000 crore. Even though Vedanta’s amount was larger, the lenders chose Adani’s offer because it included a higher upfront payment & a shorter repayment schedule. This means the banks can recover their money more quickly.

The Adani enterprises have given 1.5 - 2 years of payout duration, which is less than the 5-year duration of Vedanta, making Adani a more suitable option for the lenders, who want faster resolution with less risk involved.

A source cited by Reuters noted, “Creditors have voted to support Adani”. The Committee of Creditors (CoC) is anticipated to ratify this choice shortly and present it to the National Company Law Tribunal (NCLT) for final endorsement.

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Other bidders for Jayprakash Associates

Alongside Adani and Vedanta, several other major firms participated in the Jaiprakash Associates bidding process, including Dalmia Bharat, Jindal Power and PNC Infratech. Company promoter Manoj Gaur had also submitted a last-minute offer, though it was later withdrawn.

Jaiprakash Associates, once a leading infrastructure and real estate conglomerate in India, has been undergoing insolvency proceedings since June last year under the country’s bankruptcy framework. The group entered bankruptcy after defaulting on loans worth around Rs 55,000 crore, making it one of India’s most significant insolvency cases in recent years.

The National Asset Reconstruction Company Ltd (NARCL), which took over Jaiprakash’s loans from a consortium of lenders led by the State Bank of India (SBI), currently heads the list of creditors in the ongoing debt resolution process. If the NCLT approves this acquisition, Adani Enterprises will become stronger in the infrastructure and construction sector. It will also mark an important solution in India’s increasing number of large bankruptcy cases.

With this takeover, Adani Group continues to diversify its portfolio across infrastructure, cement and power, reinforcing its position as one of India’s fastest-growing conglomerates.

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