Adani Enterprises Shares in Focus After Winning Jaiprakash Associates Bid

On Thursday, the Adani Enterprises shares surged 1.88%, touching a day’s high price of Rs 2,478.90 on NSE after the exchange filing revealed that it has secured the winning bid for the acquisition of Jaiprakash Associates Limited (JAL), marking a pivotal development in India's infrastructure and industrial sector. Upon the news, Jaiprakash Power Ventures share price surged 12.4% higher than the previous closing price of Rs 20.27 on NSE.

This move follows a fiercely competitive insolvency process that attracted several major conglomerates, with Adani bidding around Rs 14,535 crore. The competition included Vedanta - Rs 17,000 crore, Dalmia Bharat - Rs 14,500 crore, Jindal Steel & Power, and PNC Infratech, highlighting the strategic significance and broad asset base of Jaiprakash Associates. The acquisition covers a diverse array of businesses and will have lasting impacts on all sectors involved.

Acquisition Overview

On November 19, 2025, Adani Enterprises received the Letter of Intent (LOI) from the Resolution Professional of Jaiprakash Associates Limited, following the approval of its resolution plan by the Committee of Creditors (CoC). This marks a major milestone in the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The acquisition is subject to the final approval of the National Company Law Tribunal and other applicable regulatory authorities.

Assets Included in Jaiprakash Associates

Jaiprakash Associates is a highly diversified conglomerate. The acquisition brings a wide range of businesses under the Adani umbrella, including:

- Engineering and Construction

- Cement manufacturing

- Power generation and distribution

- Real Estate development

- Fertiliser production

- Hospitality and Sports Infrastructure

These assets are not limited to standalone operations but are held both directly and through a variety of subsidiaries and affiliates, as the deal’s scope and its deep integration potential into the Adani Group’s existing infrastructure verticals.

Competitive Bidding

Before Adani emerged as the successful bidder, Vedanta was a prominent contender and at one stage reportedly submitted the highest financial bid, Rs 17,000 crore. Dalmia Bharat, Jindal Power, and PNC Infratech also made substantial offers, with Dalmia’s bid including certain conditions related to disputed land assets. Ultimately, Adani’s unconditional bid and its strategic fit won over the creditors. The CoC conducted a robust challenge process, with multiple rounds of improved offers, before finalising the winner.

Regulatory and Structural Aspects

The proposed resolution plan allows Adani Enterprises to implement the acquisition either directly, through its promoter group and identified Adani entities, or via one or more special purpose vehicles (SPVs). The transaction structure is flexible enough to allow broader Adani Group participation or delegation, pending all required approvals from insolvency and regulatory courts. The Competition Commission of India has already approved the transaction, underscoring the regulatory clarity and importance of the deal.

Strategic Implications

With this acquisition, Adani Group not only consolidates its position in the engineering, construction, and cement sectors but also makes significant strides in diversifying into areas such as hospitality and fertiliser manufacturing.

In conclusion, Adani Enterprises’ acquisition of Jaiprakash Associates closes a major chapter in India’s corporate insolvency, where new opportunities for sectoral synergy, expansion, and operational turnaround exist under one of the country’s most dynamic business groups.