Adani Group close to acquiring Jaiprakash Associates, makes ₹12,000 cr bid

With a cash payout of ₹3,500 crore, the Adani Group is leading the race to acquire Jaiprakash Associates. The offer also includes retaining ₹890 crore within the company after its acquisition

The Adani group has become the frontrunner to buy the insolvent Jaiprakash Associates with an unconditional bid of at least ₹12,000 crore, Bloomberg reported.

 

The Gautam Adani-led group’s purchase of Jaiprakash will be Adani’s first $1 billion-plus acquisition since the US short seller Hindenburg Research’s attack in 2023. The group is leading the race to acquire the infrastructure developer, with an immediate cash payout of ₹3,500 crore. The group’s offer also includes retaining ₹890 crore within the company after its acquisition and potentially absorbing ₹2,600 crore from the disputed Yamuna Expressway Industrial Development Authority (YEIDA) land.

 

The lenders of Jaiprakash are overseeing the sale and evaluating the bids under the bankruptcy law. Business Standard previously reported that the Committee of Creditors (CoC) of Jaiprakash Associates is in its final phase of evaluating the resolution plans of five shortlisted bidders. A meeting was held between the shortlisted bidders and the lenders on July 7, where the latter discussed the structure and funding of the proposed plans.

 

 

The other companies that put in their bids included Dalmia Bharat Ltd, Jindal Steel & Power Ltd, and Vedanta Ltd, with conditions that included clarifications about some legal disputes, the report added.

 

Land case clouds acquisition plans

 

All the bids are, however, subject to the outcome of a crucial case relating to Jaiprakash’s 1,000-hectare Sports City project in Greater Noida. Earlier in March 2025, the Allahabad High Court upheld the YEIDA decision to cancel the land allotment. The case is currently under review by the Supreme Court.

 

The Bloomberg report suggests that if the deal is approved, it will mark a comeback for Adani in big-ticket acquisitions. Adani’s last big acquisition was Holcim Ltd’s cement makers for about $6.5 billion.

 

Hindenburg Research targets Adani Group 

In January 2023, a report from Hindenburg Research alleged corporate funding, which was denied by the Gautam Adani-led group. The company later suffered another blow after an indictment was ordered by the US Department of Justice in a bribery investigation in November 2024.

 

Jaiprakash Associates 

Jaiprakash Associates, an infrastructure developer, is based in Uttar Pradesh. The company has interests ranging from cement to power to real estate, along with Formula One tracks and hostels. With Jaiprakash’s varied interest range, it is a perfect fit for Adan Group since the company has operations in most of these sectors.