Adani Group's Strategic Expansion Through Distressed Asset Acquisitions
The Adani Group has emerged as a dominant force in India’s distressed asset market, strategically leveraging the Insolvency and Bankruptcy Code (IBC) to acquire a diverse array of companies and strengthen its presence across key sectors like power, infrastructure, and real estate. Through a series of high-profile acquisitions and ongoing bids, the conglomerate is capitalizing on the opportunities presented by financially stressed entities.
This aggressive expansion strategy has seen various Adani Group companies acquire assets worth thousands of crores, often at a significant haircut for the original lenders, while enabling the revival of critical infrastructure and industrial capacities.
Power Sector Dominance
Adani Power Ltd. (APL) has been particularly active in consolidating its position as India’s largest private thermal power producer by acquiring multiple stressed power assets:
- Vidarbha Industries Power Ltd. (VIPL): APL recently completed the acquisition of this 2×300 MW domestic coal-fired power plant in Nagpur for ₹4,000 crore. The resolution plan was approved by the NCLT Mumbai Bench on June 18, 2025, and implemented on July 7, 2025, increasing Adani Power’s operating capacity to 18,150 MW. - Essar Power MP Limited (now Mahan Energen Limited): Acquired by Adani Power for ₹2,500 crore against admitted claims of approximately ₹12,000 crore (original claims exceeded ₹20,000 crore). The NCLT approved the plan in November 2021, with implementation in March 2022. - Korba West Power Company Limited (now Raigarh Energy Generation Limited): Adani Power acquired this 600 MW thermal power plant for ₹1,100 crore against admitted claims of ₹3,346 crore. Notably, unsecured creditors received 100% of their ₹1,685 crore claim. - GMR Chhattisgarh Energy Limited (GCEL) / Raipur Energen Limited: Adani Power acquired a controlling equity stake in this 1,370 MW supercritical thermal power plant, restructuring its debt at an enterprise valuation of approximately ₹3,550 crore. - Lanco Amarkantak Power: An Adani group firm recently acquired this 1,620 MW Chhattisgarh-based power plant for ₹4,101 crore against total admitted claims of ₹15,190 crore. - Coastal Energen: Adani Power, in consortium with Dickey Alternative Investment Trust, acquired this power company for ₹3,335 crore, though the implementation of the resolution plan faced a temporary stay from the NCLAT.
Ports and Logistics Expansion
Adani Ports and Special Economic Zone Ltd (APSEZ) has also utilized the IBC to expand its extensive port network:
- Karaikal Port Private Limited (KPPL): APSEZ completed the acquisition of this port for ₹1,583 crore, including an upfront payment of ₹1,485 crore to financial creditors. The admitted claims for KPPL were ₹2,997 crore. This acquisition marked a significant move post the Hindenburg Research report. - Dighi Port: Adani Ports acquired Dighi Port for ₹705 crore in February 2021, further strengthening its presence on India’s west coast.
Real Estate and Other Assets
The Group’s real estate arm, Adani Properties, has also made strategic acquisitions:
- Housing Development and Infrastructure Ltd (HDIL) Assets: Adani Properties secured NCLT approval in June/July 2025 to acquire two key HDIL assets: Project BKC for ₹3 crore and the Shahad Maharal Lands for ₹64 crore. These acquisitions are part of HDIL’s overall insolvency proceedings, where total liabilities neared ₹7,800 crore. - Aditya Estates (Bhagwan Das Road bungalow): Adani Properties Pvt Ltd acquired a palatial bungalow on New Delhi’s Bhagwan Das Road for ₹400 crore through bankruptcy proceedings related to Aditya Estates. - Radius Estates and Developers: Adani Goodhomes, a subsidiary of Adani Infrastructure and Developers, acquired this bankrupt real estate firm. The NCLAT upheld Adani Goodhomes’ plan in May 2025, and the Supreme Court later declined to stay it. Radius had a total outstanding liability of ₹2,834.92 crore at the time of insolvency filing.
Ongoing Interests
The Adani Group continues to show interest in other large distressed assets. Adani Enterprises Limited has been shortlisted as an eligible bidder for Jaiprakash Associates Limited (JAL), a company with liabilities exceeding ₹30,000 crore, indicating a potential future acquisition in the cement, power, and real estate sectors.
These acquisitions highlight the Adani Group’s strategic intent to not only acquire assets at potentially lower valuations but also to integrate them into its existing ecosystem, driving synergy and contributing to its ambitious growth plans across critical Indian industries.
