Adani Group, a business conglomerate, has expressed interest in acquiring Jaiprakash Associates Ltd (JAL) through the insolvency process. JAL, the flagship firm of Jaypee Group, is engaged in various businesses including cement, power, hotels, construction, and real estate. The company was admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, by the National Company Law Tribunal (NCLT) in June 2024.
As per sources, Adani Group has submitted an Expression of Interest (EOI) to acquire JAL as a going concern, without dividing its business verticals. The total outstanding loans from banks and financial institutions of JAL stood at Rs 55,493.43 crore as of February 20, 2025. The company had earlier reported that a consortium of lenders, comprising 21 banks and financial institutions, had transferred their outstanding loans to National Asset Reconstruction Company Ltd (NARCL).
The resolution professional (RP) for JAL is Bhuvan Madan, while Jaypee Infratech, another company of Jaypee Group, was acquired by Suraksha Group through the insolvency process. Additionally, Adani Group is also in talks to acquire Emaar India, a real estate firm part of Dubai-based Emaar Properties.
The news comes at a time when the Indian real estate sector is witnessing significant sentiment shifts, with players trying to diversify and expand their footprints. The potential acquisition of JAL by Adani Group could be a strategic step in this regard, given the conglomerate’s existing presence in the infrastructure, energy, and real estate sectors.