Adani Group's Bid for Jaiprakash Associates Receives CCI Approval
The Competition Commission of India (CCI) has approved Adani Group's acquisition of debt-ridden Jaiprakash Associates, provided it wins the ongoing insolvency proceedings. The approval is a significant step in the resolution process.
Adani GroupJaiprakash AssociatesCciInsolvencyReal EstateReal EstateAug 27, 2025
The proposed combination involves the acquisition of up to 100% shareholding of Jaiprakash Associates Ltd (JAL) by Adani Enterprises Ltd (AEL) and Adani Infrastructure and Developers Pvt Ltd (AIDPL), or any other entity within the Adani Group. According to a release issued by the CCI on August 26, the approval is contingent on the Adani Group securing the winning bid in the insolvency process.
Following a recent Supreme Court ruling, which clarified the provisions of the Insolvency and Bankruptcy Code (IBC), obtaining CCI approval has become mandatory for entities submitting resolution plans. The CCI's nod must be secured before the resolution plan is voted upon by the Committee of Creditors (CoC) of the company undergoing the resolution process under the IBC.
The CoC of Jaiprakash Associates Ltd (JAL) is currently reviewing the resolution plans received, and the voting process will take place in due course. Adani Group is not the only bidder; Dalmia Bharat's proposal for JAL has also been cleared by the CCI. Other companies, including Vedanta Group, Jindal Power, and PNC Infratech, have approached the CCI seeking approval to submit their respective resolution plans to the CoC of JAL.
Jaiprakash Associates Ltd was admitted into the corporate insolvency resolution process (CIRP) through an order by the National Company Law Tribunal, Allahabad Bench, dated June 3, 2024. The company was taken to insolvency proceedings after defaulting on loan payments. Creditors are claiming a staggering ₹57,185 crore, with the National Asset Reconstruction Company Ltd (NARCL) leading the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India.
JAL has significant real estate projects, including Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City. These projects are strategically located near the upcoming Jewar International Airport, making them highly valuable. Additionally, JAL owns three commercial/industrial office spaces in Delhi-NCR and operates a hotel division with five properties in Delhi-NCR, Mussoorie, and Agra.
The company also has four cement plants in Madhya Pradesh and Uttar Pradesh, along with a few leased limestone mines in Madhya Pradesh. However, these cement plants are currently non-operational. JAL has investments in several subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and other companies.
It is worth noting that Jaypee Group's Jaypee Infratech has already been acquired by the Suraksha Group through an insolvency process. Suraksha Group is tasked with completing various stalled projects, comprising around 20,000 apartments in Noida and Greater Noida.
The CCI's approval is a significant milestone for Adani Group, as it strengthens their position in the ongoing insolvency proceedings. If successful, the acquisition could significantly enhance Adani Group's presence in the real estate and infrastructure sectors, particularly in the Delhi-NCR region.
Frequently Asked Questions
What is the significance of CCI approval for Adani Group's bid for Jaiprakash Associates?
The CCI approval is significant because it is a mandatory step required by the Supreme Court for entities submitting resolution plans under the Insolvency and Bankruptcy Code (IBC). This approval allows Adani Group to proceed with its resolution plan, should it win the ongoing insolvency proceedings.
What are the major projects of Jaiprakash Associates?
Jaiprakash Associates has significant real estate projects such as Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City. It also owns commercial/industrial office spaces in Delhi-NCR and operates a hotel division with properties in Delhi-NCR, Mussoorie, and Agra.
Who are the other bidders for Jaiprakash Associates?
Other bidders for Jaiprakash Associates include Dalmia Bharat, Vedanta Group, Jindal Power, and PNC Infratech. These companies have also approached the CCI seeking approval to submit their respective resolution plans to the Committee of Creditors (CoC) of JAL.
What is the total debt claimed by creditors against Jaiprakash Associates?
Creditors are claiming a staggering ₹57,185 crore against Jaiprakash Associates. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India.
What is the status of the insolvency proceedings for Jaiprakash Associates?
Jaiprakash Associates was admitted into the corporate insolvency resolution process (CIRP) through an order by the National Company Law Tribunal, Allahabad Bench, dated June 3, 2024. The Committee of Creditors (CoC) is currently reviewing the resolution plans received, and the voting process will take place in due course.
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