n a key development in the corporate insolvency resolution process (CIRP) of Jaiprakash Associates Ltd (JAL), the Adani Group has emerged as the leading bidder, offering a reported ₹16,000 crore to acquire the debt-laden infrastructure company. The bid places Adani ahead of other interested parties, including Dalmia Bharat, which is understood to have submitted the second-highest proposal.
Jaiprakash Associates, a diversified group with exposure to cement, real estate, power, and hospitality sectors, is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The company has outstanding creditor claims amounting to over ₹57,000 crore. The Committee of Creditors (CoC), which convened on July 1, is currently evaluating multiple resolution plans submitted by key industry players, including Vedanta, Jindal Power, and PNC Infratech.
Sources familiar with the matter stated that Adani Group’s proposal has been viewed favorably by several CoC members due to the scale of the offer and the group’s demonstrated capacity to revive distressed infrastructure assets. The final decision, however, rests on the outcome of ongoing deliberations within the CoC and is subject to approval from the National Company Law Tribunal (NCLT).
The bid comes at a time when Adani Group continues to expand its presence in the cement and infrastructure space. JAL’s cement division, which holds operational plants and limestone reserves in key regions, is seen as a strategic fit with Adani’s recent acquisitions of Ambuja Cements and ACC. Real estate and hospitality assets are also expected to provide growth opportunities in urban and tourism-focused developments.
According to a statement released by Jaiprakash Associates, the CoC is undertaking a thorough review of the proposals to identify a resolution plan that ensures maximum value recovery for creditors while enabling the revival of JAL’s operations. The company has expressed its support for a swift resolution in line with IBC timelines.
The CIRP of JAL marks one of the largest ongoing cases under India’s bankruptcy framework, given the scale of assets and creditor exposure. Adani’s bid represents a significant step in addressing the company’s long-standing financial stress, which has persisted since the early 2010s due to high leverage and delays in project execution.
Industry experts note that JAL’s resolution may have broader implications for the cement and infrastructure sectors, as consolidation among larger players continues to reshape market dynamics. A successful acquisition by Adani would likely strengthen its foothold across central and northern India in the cement business, while also expanding its portfolio of real estate and energy assets.
The Adani Group’s strategy of acquiring distressed but strategically located assets has resulted in a string of high-profile takeovers in recent years. Since FY19, the group has completed over 60 acquisitions, including Mumbai and Navi Mumbai airports from the GVK Group, Essar Power’s Mahan plant, and the Warora-Kurnool transmission line from the Essel Group. The group’s FY25 infrastructure investment alone is pegged at ₹1.25 lakh crore, representing about 11% of India’s total infrastructure capital expenditure for the year.
With the CoC expected to finalize its decision soon, stakeholders, including financial institutions, operational creditors, and regulators, are closely monitoring the next steps. The selected resolution applicant must obtain NCLT approval before implementing the plan, a process that typically takes several weeks following CoC consensus.
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