Aug 28, 2025
CCI approves Adani Group's plan to acquire 100% of Jaiprakash Associates amid insolvency. Deal boosts Adani's infra footprint; JAL owes ₹57185 Cr.
New Delhi, August 28, 2025 – The Adani Group has secured approval from the Competition Commission of India (CCI) to acquire up to 100% shareholding in Jaiprakash Associates Limited (JAL). The acquisition will be carried out through entities within the Adani Group, including Adani Enterprises Limited (AEL) and Adani Infrastructure and Developers Private Limited (AIDPL), among others. This decision comes as JAL undergoes a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
Jaiprakash Associates’ Financial Woes
JAL has been grappling with financial distress, leading to its admission into a corporate insolvency resolution process in June 2024, as directed by the National Company Law Tribunal's Allahabad Bench. The company defaulted on loans amounting to approximately Rs 57,185 crores. Major creditors include the National Asset Reconstruction Company (NARCL), which has acquired loans from various lenders, and the State Bank of India (SBI).
Competitive Bidding for JAL
The Adani Group was not the sole contender for acquiring JAL. Other interested parties, such as Dalmia Bharat and several additional firms, also expressed interest in the acquisition. JAL’s wide-ranging operations and assets, including real estate projects, cement plants, hotels, and leased limestone mines, have made it an attractive target for potential buyers.
JAL’s portfolio includes major real estate developments and three commercial and industrial office spaces within the Delhi-NCR region. Additionally, its holdings feature five hotel properties in Delhi-NCR, Mussoorie, and Agra, as well as four cement plants located in Madhya Pradesh and Uttar Pradesh.
About Adani Group and Jaiprakash Associates
Adani Group
Headquartered in Ahmedabad, Gujarat, the Adani Group is a diversified multinational corporation with operations spanning sectors such as energy, infrastructure, logistics, natural resources, and real estate. Adani Enterprises Limited leads key projects in energy and infrastructure, while Adani Infrastructure and Developers Private Limited strengthens the group’s real estate ventures. Known for its rapid growth, the conglomerate continues to reinforce its presence in critical industries.
Jaiprakash Associates Limited (JAL)
Based in Noida, Uttar Pradesh, JAL is a diversified infrastructure conglomerate with interests in engineering, construction, cement, power, real estate, and hospitality. Listed as NSE: JPASSOCIAT and BSE: 532532, the company has faced significant financial difficulties that ultimately led to insolvency proceedings. Despite these challenges, JAL remains a major player in the infrastructure space, boasting key assets across multiple sectors in India.
The CCI’s approval marks a significant step in the Adani Group’s expansion strategy while providing a potential resolution for JAL’s ongoing insolvency struggles.
