Corporate Grapevine     

Published: June 30, 2025
Updated: June 30, 2025

Adani tipped to pouch debt-hit Jaiprakash

The Adani group, Vedanta Ltd and Jindal Power Ltd have submit ted financial offers to acquire the assets of bankrupt infrastructure firm Jaiprakash Associates Ltd (JAL), which has defaulted on loans worth over Rs 57,000 crore. The bids were submitted as part of the ongoing corporate insolvency resolution process.

Lenders are hoping to recover at least Rs 12,000 crore from the sale, although this would amount to a stiff haircut. The Committee of Creditors (CoC) recently met to open the bids and evaluate resolution proposals.

The Adani group is seen as a frontrunner, given its aggressive push in infrastructure and cement. JAL’s assets — including cement plants, power assets and land banks — align with Adani’s strategy to expand its presence in these sectors. Acquiring JAL could strengthen Adani’s cement portfolio, especially in northern India, and provide synergy with its existing operations acquired from ACC and Ambuja.

Jaiprakash Associates, once a prominent player in infrastructure and construction, fell into financial distress due to high debt and de layed project execution. Its ongoing insolvency process is one of the largest in India’s banking sector.