The Adani Group has emerged as the top contender to acquire the debt-laden Jaiprakash Associates, with an unconditional offer of ₹12,000 crore. The proposal includes a direct cash payout of ₹3,500 crore and retention of ₹890 crore within the company post-acquisition. Additionally, the offer may absorb ₹2,600 crore linked to disputed land from the Yamuna Expressway Industrial Development Authority (YEIDA).
First Major Acquisition Since Hindenburg Report
If approved, this acquisition will be Adani’s first major deal worth over $1 billion since the 2023 Hindenburg Research report accused the group of financial irregularities. That report led to a temporary drop in investor confidence. Despite that, the group continues its expansion efforts and this acquisition would mark a significant comeback in the big-deal space.
Lenders and Bidding Process
The lenders of Jaiprakash Associates are currently reviewing multiple bids under bankruptcy proceedings. A final decision is expected soon as the Committee of Creditors (CoC) held a key meeting with the shortlisted bidders on July 7 to discuss financial structures and offer terms. Other bidders include Dalmia Bharat Ltd, Jindal Steel & Power Ltd, and Vedanta Ltd, some of whom have included legal condition clauses in their offers.
Legal Dispute Over Greater Noida Land
A major hurdle in the acquisition is a legal dispute concerning Jaiprakash’s 1,000-hectare Sports City land in Greater Noida. In March 2025, the Allahabad High Court upheld YEIDA’s cancellation of the land allotment. The matter is currently under review by the Supreme Court, and its outcome may impact the final approval of the bids.
Jaiprakash’s Strategic Fit with Adani
Jaiprakash Associates is a diversified infrastructure company based in Uttar Pradesh. Its portfolio includes cement, power, real estate, Formula One infrastructure, and hostel construction. These business areas closely align with the Adani Group’s existing sectors, making the acquisition a strategic fit.
Previous Big Deals by Adani
If finalized, this deal will follow Adani’s 2022 acquisition of Holcim’s cement assets in India for $6.5 billion. It would signal Adani’s return to high-value acquisitions after facing challenges from regulatory scrutiny and market pressures over the last two years.
Ongoing Legal and Financial Challenges
Although the Adani Group’s bid is the highest and most comprehensive, the final decision will depend on resolving legal uncertainties and lender consensus. The deal could play a key role in the restructuring of Jaiprakash Associates, whose total admitted claims exceed ₹59,000 crore, with lenders likely facing up to a 79% haircut in most current bids.
