India-based business conglomerate Adani Group has expressed interest in acquiring Jaiprakash Associates Ltd (JAL) through an insolvency process. JAL, the flagship company of the Jaypee Group, has been admitted to the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, following an order from the National Company Law Tribunal (NCLT) in June 2024. Adani Group has submitted an Expression of Interest (EOI) to acquire JAL, which has a total outstanding loan of Rs 55,493.43 crore as of February 20, 2025. This comes after the NCLT directed that the resolution plans to acquire JAL should be for the entire company as a going concern, rather than dividing its business verticals.
The debt of JAL has been transferred to National Asset Reconstruction Company Ltd (NARCL) by a consortium of lenders, which includes 22 banks and financial institutions. The resolution professional for JAL is Bhuvan Madan. This move comes as Adani Group is also in talks to acquire real estate firm Emaar India, part of Dubai-based Emaar Properties.
JAL’s various business sectors, including cement, power, hotels, construction, and real estate, make it an attractive acquisition target for Adani Group. This deal would further cement Adani Group’s presence in the infrastructure and real estate sectors in India. The acquisition of JAL would be a significant milestone for Adani Group, which has already acquired Jaypee Infratech, another Jaypee Group company, through an insolvency process.