Adani Proposal Offers ₹6,005 Crore Upfront; Vedanta’s Upfront Offer Lagged at ₹3,800 Crore
Jaiprakash Associates: Adani Enterprises won the acquisition of bankrupt Jaiprakash Associates with a bid of ₹14,535 crore, beating Vedanta and Dalmia Cement. The Committee of Creditors approved Adani's plan with 89% approval. AEL received a letter of intent from the resolution professional on November 19, 2025, providing a major boost to the company's restructuring process.
The Committee of Creditors has given its approval to the Adani Group, which bid lower than the highest bidder, to take over bankrupt Jaiprakash Associates. AEL is an Adani Group company that emerged victorious in the bid with ₹14,535 crore, leaving Vedanta and Dalmia Cement (India) behind in the race. AEL said in a filing to stock exchanges that Jaiprakash (JP) Associates Ltd has been acquired because it is undergoing a corporate insolvency resolution process. The committee of creditors of Adani Enterprises (JAL) has approved the resolution plan submitted by Adani Enterprises.
AEL received the most votes from lenders at 89%, followed by Dalmia Cement and Vedanta Group. With its bid price not disclosed, AEL said in a statement that it had received a letter of intent (LOI) from the RP on November 19, 2025.
Sources said lenders preferred the Adani Group's bid because it offered a significantly higher upfront payment than competing proposals. The group proposed a total plan value (TPV) of ₹14,535 crore, consisting of ₹6,005 crore upfront and ₹6,726 crore over two years. In terms of net present value, this proposal amounts to approximately ₹12,000 crore. Vedanta, meanwhile, offered an upfront payment of ₹3,800 crore and deferred payments of ₹12,400 crore over five years. This brings its total plan value to ₹16,726 crore.
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National Asset Reconstruction Company Ltd. (NARCL) played the largest role in the voting, as it holds approximately 86% of the voting shares of the creditors' committee. A small group of lenders, including State Bank of India (SBI) and ICICI Bank, which hold less than 3% of the voting shares, abstained from voting.
Jaiprakash Associates was admitted to the Corporate Insolvency Resolution Process (CIRP) in June last year. The company had defaulted on a total debt of ₹57,185 crore, following which it was put into the bankruptcy process. The company, which is undergoing bankruptcy proceedings, announced in June that it had received five bids with earnest money. These included Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power, and PNC Infratech.
