Adani's Rs 14,535 cr bid for Jaiprakash Associate gets lenders' nod

New Delhi, Nov 19 (PTI) Business tycoon Gautam Adani has won the approval of creditors of Jaiprakash Associates (JAL) for its Rs 14,535 crore acquisition proposal for the bankrupt infrastructure group.

Adani Enterprises, the flagship firm of Adani Group, outbid Vedanta and Dalmia Bharat to win the bid for JAL.

"The Committee of Creditors (COC) of Jaiprakash Associates Limited (JAL), a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC), has approved the Resolution Plan submitted by Adani Enterprises Limited (AEL)," AEL said in a stock exchange filing.

Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group, it added.

Without disclosing financial details of the bid, AEL said it has received a Letter of Intent (LOI) from the Resolution Professional (RP) on November 19, 2025.

The National Asset Reconstruction Company Ltd (NARCL) had the biggest say in the process as it controls about 86 per cent of the Committee of Creditors' (CoC) voting share. A small group of lenders, including State Bank of India and ICICI Bank, which together account for less than 3 per cent of CoC's votes, abstained from voting.

Sources said lenders preferred Adani's plan primarily because it offered a significantly higher upfront payment compared to competing proposals. The ports-to-energy conglomerate has proposed a total plan value (TPV) of Rs 14,535 crore, including Rs 6,005 crore upfront and another Rs 7,600 crore payable after two years. In net present value terms, the offer is estimated at Rs 12,000 crore.

Vedanta offered Rs 3,800 crore upfront payment and Rs 12,400 crore in deferred payments over five years, taking the TPV of Rs 16,726 crore.

"The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the National Company Law Tribunal, Allahabad Bench, Prayagraj and/or any other regulatory authority/courts/tribunal under applicable laws," AEL said.

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 (JAL), which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering & construction, was admitted to the Corporate Insolvency Resolution Process (CIRP) in June last year after it defaulted on payments of loans aggregating Rs 57,185 crore.

JAL announced in June that it had received five bids, along with earnest money, with Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power, and PNC Infratech making the bids. In September, the CoC conducted an auction under the Swiss challenge process.

JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport.

It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh.

It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.

Sources said the CoC evaluated the resolution plans on the basis of the evaluation matrix. The resolution plan of Adani Enterprise Ltd got the highest score, followed by Dalmia Cement (Bharat) and Vedanta Ltd.

It is understood that the payments in Dalmia's plans are contingent upon the Supreme Court's judgment on the pending matter between JAL and the development authority YEIDA.

Adani Group is offering the payment to lenders within two years, while Vedanta is offering back-ended payments over the next five years.

In April this year, 25 companies showed interest in acquiring JAL. However, in June, JAL announced that it had received bids from these five companies, along with earnest money, for the acquisition of the company through an insolvency process.

The financial stress and insolvency impacted JAL's businesses, including cement manufacturing units and EPC projects of national importance, such as the Pakal Dul Dam project in Jammu & Kashmir and the Srisailam Canal project in Andhra Pradesh. PTI MJH ANZ ANZ BAL BAL