The Competition Commission of India (CCI) on Tuesday approved the acquisition of Jaiprakash Associates Limited (JAL) by Adani Enterprises Limited and Adani Infrastructure and Developers Private Limited through the corporate insolvency resolution process.
In its order, the CCI stated: “The acquirers are backed by promoters, management, and other Adani Group companies who have a strong track record in acquiring and turning around distressed companies post-acquisition.”
The announcement, also shared on CCI’s X (formerly Twitter) handle, stated that Adani Enterprises (AEL), Adani Infrastructure and Developers (AIDPL), or any other Adani entity may acquire up to 100% stake in JAL. A detailed order on the approval will follow.
JAL is currently undergoing corporate insolvency resolution proceedings under the Insolvency and Bankruptcy Code, 2016, as directed by the National Company Law Tribunal (NCLT), Allahabad Bench. The Adani Group had submitted its proposal to CCI in July after making an unconditional bid for the debt-ridden conglomerate.
The regulator also noted that the Adani Group has extensive experience in reviving distressed assets across both general and specialized business sectors.
Earlier this month, on August 5, CCI had also approved a competing bid from Dalmia Bharat for acquiring 100% of JAL under the insolvency resolution framework. Alongside Adani and Dalmia, other interested suitors include Vedanta Group, Jindal Power, and PNC Infratech, all of whom have approached CCI to secure clearance for submitting their plans to the Committee of Creditors (CoC).
As per Supreme Court directives, CCI’s nod is mandatory before the CoC can vote on any resolution plan deemed a combination under the Competition Act. In a previous instance, JAL’s lenders rejected Jaypee Infratech’s proposal to regain control of the diversified group.
So far, five firms — Adani Enterprises, Dalmia Bharat Cement, Vedanta Group, Jindal Power, and PNC Infratech — had formally submitted their resolution plans for JAL.
Admitted to insolvency on June 3, 2024, by NCLT’s Allahabad Bench, JAL entered CIRP following loan defaults. Creditors have raised claims totalling Rs 57,185 crore, with the National Asset Reconstruction Company Ltd (NARCL)—which purchased JAL’s stressed debt from an SBI-led consortium—emerging as the largest claimant.
JAL’s portfolio spans multiple sectors. In real estate, it has landmark projects such as Jaypee Greens in Greater Noida, Wishtown in Noida, and the Jaypee International Sports City near Jewar Airport. Its hospitality arm owns five hotels across Delhi-NCR, Mussoorie, and Agra. It also holds three commercial office spaces in the NCR region.
In cement, JAL has four plants in Uttar Pradesh and Madhya Pradesh, along with leased limestone mines in MP, though the plants remain non-operational. The group also holds stakes in subsidiaries like Jaiprakash Power Ventures, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.
Notably, Jaypee Infratech—another group company—was acquired by Mumbai-based Suraksha Group under insolvency. Suraksha is currently tasked with completing nearly 20,000 stalled housing units in Noida and Greater Noida.
