Adani wins big in JAL battle with highest upfront payout

New Delhi: Business tycoon Gautam Adani has won the approval of creditors of Jaiprakash Associates (JAL) for its Rs14,535 crore acquisition proposal for the bankrupt infrastructure group. Adani Enterprises, the flagship firm of Adani Group, outbid Vedanta and Dalmia Bharat to win the bid for JAL.

“The Committee of Creditors (COC) of Jaiprakash Associates Limited (JAL), a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC), has approved the Resolution Plan submitted by Adani Enterprises Limited (AEL),” AEL said in a stock exchange filing.

Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group, it added. Without disclosing financial details of the bid, AEL said it has received a Letter of Intent (LOI) from the Resolution Professional (RP) on November 19, 2025. The National Asset Reconstruction Company Ltd (NARCL) had the biggest say in the process as it controls about 86 per cent of the Committee of Creditors’ (CoC) voting share.

A small group of lenders, including State Bank of India and ICICI Bank, which together account for less than 3 per cent of CoC’s votes, abstained from voting. Sources said lenders preferred Adani’s plan primarily because it offered a significantly higher upfront payment compared to competing proposals.

The ports-to-energy conglomerate has proposed a total plan value (TPV) of Rs14,535 crore, including Rs6,005 crore upfront and another Rs7,600 crore payable after two years. In net present value terms, the offer is estimated at Rs12,000 crore. Vedanta offered Rs3,800 crore upfront payment and Rs12,400 crore in deferred payments over five years, taking the TPV of Rs16,726 crore.

“The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the National Company Law Tribunal, Allahabad Bench, Prayagraj and/or any other regulatory authority/courts/tribunal under applicable laws,” AEL said.

When contacted, a Vedanta spokesperson said, “CoC voting is happening this week, and we trust that the CoC will make the best decision in the public interest. Vedanta is a growth-oriented company, always looking for opportunities and synergy. Our approach remains disciplined, focused on value creation and long-term growth”.

Jaiprakash Associates (JAL), which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering & construction, was admitted to the Corporate Insolvency Resolution Process (CIRP) in June last year after it defaulted on payments of loans aggregating Rs 57,185 crore.