Adani Group's Strategic Expansion Through Distressed Asset Acquisitions
The Adani Group is aggressively leveraging the Insolvency and Bankruptcy Code (IBC) to acquire distressed assets across power, infrastructure, and real estate sectors, strengthening its market presence and driving growth.
Adani GroupInsolvency And Bankruptcy CodeDistressed AssetsPower SectorReal EstateReal EstateJul 13, 2025
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.
Frequently Asked Questions
What is the Insolvency and Bankruptcy Code (IBC)?
The Insolvency and Bankruptcy Code (IBC) is a law in India that provides a time-bound process for resolving insolvency and bankruptcy. It aims to protect the interests of small investors and make the process of doing business easier by facilitating the revival and resolution of financially stressed entities.
What are some key sectors where the Adani Group has made significant acquisitions?
The Adani Group has made significant acquisitions in the power sector, ports and logistics, and real estate. Notable acquisitions include power plants like Vidarbha Industries Power Ltd. and Essar Power MP Limited, ports like Karaikal Port, and real estate projects from HDIL and Radius Estates.
How has the Adani Group benefited from these acquisitions?
The Adani Group has benefited from these acquisitions by expanding its market presence, increasing its operational capacity, and integrating these assets into its existing ecosystem. This strategic expansion has also allowed the group to acquire assets at potentially lower valuations, driving synergy and contributing to its ambitious growth plans.
What is the significance of the Adani Group's acquisition of Radius Estates and Developers?
The acquisition of Radius Estates and Developers is significant as it marks the Adani Group's entry into the distressed real estate market. This move strengthens the group's presence in the real estate sector and provides opportunities for the development and revival of distressed properties.
What is the current status of the Adani Group's bid for Jaiprakash Associates Limited (JAL)?
Adani Enterprises Limited has been shortlisted as an eligible bidder for Jaiprakash Associates Limited (JAL), a company with liabilities exceeding ₹30,000 crore. This indicates a potential future acquisition in the cement, power, and real estate sectors, further expanding the Adani Group's portfolio.
Related News Articles
Bollywood Power Couple Shahid Kapoor and Mira Rajput Invest in Luxury Mumbai Apartment
Shahid Kapoor and his wife Mira Rajput have acquired a second luxury sea-view apartment in Mumbai's Worli area
Sustainable Real Estate: The Key to a Greener Future
The real estate sector is shifting towards sustainability, and it's about time. With the world grappling with environmental challenges, the industry's transition to eco-friendly practices is crucial.
HYDRA Cracks Down on Land Encroachment: Reclaims 43 Acres in Hyderabad
HYDRA demolishes structures belonging to politicians, VIPs, and real estate developers to reclaim land in Hyderabad.
Latest Developments in the Indian Real Estate and Infrastructure Sectors: Godrej Properties, L&T, Indian Oil, PNC Infratech, NALCO in Focus
Godrej Properties Ltd has made a strategic move by acquiring three adjoining plots totaling 6.54 acres in Kharghar, Mumbai. This acquisition comes at a time when the real estate market is witnessing robust housing demand, making it a significant step for
Baba Siddique: Unveiling the Real Motive Behind the Real Estate War and Salman Khan’s Bollywood Connections
In a recent debate, Arnab Goswami brings to light the hidden motives behind the ongoing real estate conflict and delves into the intricate ties between Baba Siddique and Salman Khan. Is the real estate war a mere distraction from deeper issues?
Navigating New SIF Regulations: When Rs 10 Lakh Isn’t Enough
While SIFs (Special Investment Funds) offer a wide range of investment opportunities, having Rs 10 lakh does not necessarily mean you should jump in. Edelweiss provides essential insights on the new regulations and the importance of due diligence.