Adani Group Secures Approval to Acquire Jaiprakash Associates

New Delhi, August 28, 2025 -The Competition Commission of India (CCI) has approved the Adani Group’s proposal for the acquisition of up to 100% shareholding of Jaiprakash Associates Limited (JAL). JAL will be acquired by entities within the Adani group, including Adani Enterprises Limited (AEL), Adani Infrastructure and Developers Private Limited (AIDPL), and/or other entities. The approval was given by the CCI as JAL was already undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.

JAL Insolvency – An Overview

JAL is currently undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, as directed by the National Company Law Tribunal, Allahabad Bench. The company was admitted to the process in June 2024, as the conglomerate defaulted on its loan obligations. As per a report, the company has defaulted on around Rs 57,185 crores. The top creditors of JAL include National Asset Reconstruction Company (NARCL), as it has acquired loans from various creditors, followed by the State Bank of India (SBI).

Other Interested Acquirers

Adani group was not the only interested acquirer of JAL. Dalmia Bharat also proposed to acquire 100% of the debt-ridden entity along with several other companies. This is because of JAL’s wide operations and infrastructure. The entity has major real estate projects, three commercial/industrial office spaces in Delhi-NCR, five hotel properties in Delhi-NCR, Mussoorie, and Agra, four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh.

About the Companies

Adani Group

Adani Group is a diversified Indian multinational headquartered in Ahmedabad, Gujarat, with operations across energy, infrastructure, logistics, natural resources, and real estate. Its flagship, Adani Enterprises Ltd (NSE: ADANIENT, BSE: 512599), spearheads key projects in energy and infrastructure development. Subsidiary Adani Infrastructure and Developers Pvt Ltd strengthens its real estate arm. Known for rapid expansion, the group continues to consolidate its position in critical growth sectors.

Jaiprakash Associates Ltd (JAL)

Jaiprakash Associates Ltd, headquartered in Noida, Uttar Pradesh, is a diversified infrastructure conglomerate with business interests in engineering, construction, cement, power, real estate, and hospitality. Listed as NSE: JPASSOCIAT and BSE: 532532, it has faced financial distress and entered insolvency proceedings. Despite challenges, JAL remains a significant player, with key assets spanning cement plants, real estate projects, hotels, and infrastructure ventures across India.

REF: https://www.cci.gov.in/images/pressrelease/en/press-release1756213596.pdf

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