Adani Group Eyes Acquisition of Jaypee Associates in Landmark Insolvency Case

Adani Group is moving to acquire Jaiprakash Associates Ltd via insolvency. The firm is part of Jaypee Group, with debts of Rs 55,493.43 crore. A consortium of lenders has shifted loans to National Asset Reconstruction Co. Adani is also eyeing Emaar India for acquisition.

In a significant move, the Adani Group has shown interest in acquiring Jaiprakash Associates Ltd, a flagship company of the Jaypee Group, under the insolvency process, informed credible sources.

The company, which is involved in sectors like cement, power, and real estate, has entered the corporate insolvency resolution process following a June 2024 order from the National Company Law Tribunal in Allahabad. The company's substantial liabilities amount to Rs 55,493.43 crore and have been transferred to the National Asset Reconstruction Company Ltd by a lending consortium including SBI, ICICI Bank, and others.

Bhuvan Madan serves as the resolution professional for this case, while Adani Group continues discussions to acquire other entities like Emaar India. This acquisition, if successful, could reshape dynamics within the sector.

(With inputs from agencies.)