Adani wins approval to acquire Jaiprakash Associates with Rs 14,535 crore plan

The Adani Group has received lender approval to acquire Jaiprakash Associates after its resolution plan secured 89 percent of the vote from the Committee of Creditors. The offer was valued at Rs 14,535 crore and was preferred for its higher upfront cash component over competing proposals from Vedanta and Dalmia Cement.

The Committee of Creditors assessed the final bids using an evaluation matrix, where Adani received the highest score. The structure of the offer played a central role in the vote. Adani proposed an upfront payment of Rs 6,005 crore, compared with Vedanta’s payment of Rs 3,800 crore. The plan also includes a deferred payment of Rs 6,726 crore that will be made after two years.

NARCL, which holds about 86 percent of the voting share in the Committee of Creditors, had the largest influence on the outcome. A few lenders, including State Bank of India and ICICI Bank, did not participate in the vote. Jaiprakash Associates had entered the Corporate Insolvency Resolution Process in June last year after defaulting on loans worth Rs 57,185 crore.

The company owns a wide set of assets. These range from real estate projects such as Jaypee Greens in Greater Noida to commercial offices in Delhi NCR and several hotel properties. It also operates four cement plants in Madhya Pradesh and Uttar Pradesh and holds stakes in Jaiprakash Power Ventures and Yamuna Expressway Tolling. The acquisition follows interest from 25 companies and a final round that resulted in five bids.