Adani Enterprises Gets CCI Approval to Acquire Jaiprakash Associates

The Competition Commission of India (CCI) has approved the proposed acquisition of Jaiprakash Associates Limited (JAL) by Adani Enterprises Limited (AEL) and Adani Infrastructure and Developers Pvt Ltd (AIDPL). The deal involves the potential purchase of up to 100% shareholding in JAL. 

The company is currently under a corporate insolvency resolution process (CIRP) as directed by the National Company Law Tribunal, Allahabad Bench.

Insolvency Proceedings

As per news reports, JAL was admitted into insolvency on June 3, 2024, after defaulting on loans. Creditors have lodged claims of ₹57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) is the largest claimant, having taken over loans from a consortium led by the State Bank of India.

Competing Proposals

Besides Adani Group, Dalmia Bharat has also received clearance from the CCI to acquire JAL. Other interested bidders include Vedanta Group, Jindal Power, and PNC Infratech, who have sought permission to submit their resolution plans. The Committee of Creditors (CoC) will vote on the proposals once final plans are submitted.

JAL’s Operations and Assets

JAL is a diversified conglomerate with interests spanning engineering, construction, cement, power, real estate, and hospitality. Its real estate portfolio includes Jaypee Greens in Greater Noida, Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar airport.

The company also has 3 commercial office properties in Delhi-NCR and 5 hotels located in Delhi-NCR, Mussoorie, and Agra. Its 4 cement plants in Uttar Pradesh and Madhya Pradesh are not operational at present, though it holds leased limestone mines in Madhya Pradesh.

The CCI’s approval for Adani Group follows a recent Supreme Court mandate requiring such clearance before the CoC can vote on any resolution plan. The detailed order from the regulator is expected soon. Creditors continue to review bids, while legal proceedings tied to some of JAL’s projects remain unresolved.

Read more: Jaiprakash Associates Bidders Submit New Plans While CoC Decides on Next Steps!

Conclusion

With the regulator’s nod, Adani Group’s proposal will move forward in the resolution process, alongside bids from other companies awaiting creditor approval.

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