The Competition Commission of India (CCI) has given Adani Group a green light to acquire Jaiprakash Associates Ltd (JAL), a debt-ridden company currently undergoing insolvency proceedings. This approval is needed before Adani can formally submit its resolution plan to JAL’s creditors, as per a recent Supreme Court ruling.
Adani’s plan involves potentially acquiring up to 100% of JAL through its entities, Adani Enterprises and Adani Infrastructure & Developers, or any other group arm. Dalmia Bharat has also received CCI approval to bid for JAL, while Vedanta, Jindal Power, and PNC Infratech are among others seeking similar clearances.
JAL owes about ₹57,185 crore to its creditors, with the National Asset Reconstruction Company Ltd (NARCL) being the largest claimant after purchasing JAL’s stressed loans from a consortium led by SBI.
The company has several assets, including real estate projects in Noida and Greater Noida (Jaypee Greens, Wishtown, and Jaypee International Sports City near Jewar Airport), hotels in NCR, Mussoorie, and Agra, and cement plants in MP and UP (currently non-operational). JAL also holds investments in subsidiaries like Jaiprakash Power Ventures and Yamuna Expressway Tolling Ltd.
Notably, Jaypee Infratech, another group company, has already been acquired by Suraksha Group, which is tasked with completing about 20,000 stalled apartments in NCR.
