Adani Enterprises Reaches Creditor Approval for Jaiprakash Takeover
Adani Enterprises (AEL) has secured approval from the committee of creditors (CoC) for its ₹13,500 crore ($1.53 billion) takeover proposal of Jaiprakash Associates (JAL) through the ongoing insolvency resolution process. Creditors favoured Adani’s bid over higher offers—such as from Vedanta Ltd—because it includes larger upfront payments and a shorter payment horizon of 1.5 to 2 years compared with other bidders’ longer timelines.
Background and Financial Context
Jaiprakash Associates is undergoing resolution under India’s insolvency code due to liabilities reportedly exceeding ₹55,000 crore. The National Asset Reconstruction Company (NARCL), as the principal creditor, is leading the process. The CoC will now forward its recommendation to the National Company Law Tribunal (NCLT) for final approval, after which Adani can proceed with the asset acquisition.
Strategic Implications
For Adani Enterprises, winning creditor support positions the company to expand further into infrastructure and engineering assets by acquiring JAL’s distressed projects. For creditors and institutions involved, the deal offers a quicker recovery relative to longer‐term alternatives. The outcome also sends a signal to the Indian corporate and banking ecosystem about the importance of resolution timelines and upfront payment structures in insolvency outcomes.
