Adani Enterprises Wins Creditor Approval for Jaiprakash Associates Takeover Plan

Adani Enterprises Ltd. said on Wednesday that it has received a letter of intent from the resolution professional of Jaiprakash Associates Ltd., confirming that the committee of creditors has approved Adani’s resolution plan, according to a stock exchange filing.

Key bidders for Jaiprakash Associates included Adani Enterprises, Vedanta group, Dalmia Bharat and Jindal Power. Vedanta had submitted a bid of ₹170 billion, while Adani proposed to acquire the company for ₹135 billion.

Jaiprakash Associates operates across engineering and construction, cement, power, real estate, fertilisers and hospitality through its subsidiaries and affiliates. The company is currently under the corporate insolvency resolution process under the Insolvency and Bankruptcy Code 2016 due to high debt levels.

Adani said the implementation of the plan will depend on the terms of the letter of intent and approvals from the National Company Law Tribunal’s Allahabad bench, along with other regulatory and legal clearances.