Tag: AdaniEnterprisesLimited

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Adani secures Jaiprakash Associates with ₹13,500 crore offer

Adani Enterprises has received unanimous approval from creditors for its ₹13,500‑crore takeover plan of Jaiprakash Associates Ltd (JAL), surpassing a higher bid from Vedanta Ltd due to more favorable prepayment terms. While Vedanta had offered approximately ₹17,000 crore, lenders opted for Adani’s proposal for its accelerated repayment schedule, which could settle dues within 18–24 months versus Vedanta’s five-year timeline.

JAL has been under insolvency proceedings since June 2024, with outstanding debt claims totaling around ₹55,000–57,000 crore. The Committee of Creditors (CoC), led by the National Asset Reconstruction Company (NARCL), will now submit the resolution plan to the National Company Law Tribunal (NCLT) for final approval.

Following the announcement, Jaiprakash Power Ventures Ltd (JP Power), in which JAL holds a 24% stake,  saw its share price surge nearly 9%, reflecting investor optimism that the Adani takeover could stabilise JAL and unlock long-term value.

Some market watchers note potential legal challenges from dissenting creditors, but the prevailing view is that Adani’s resolution plan is well-positioned for smooth implementation.

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Adani Enterprises likely a top bidder for Jaiprakash Associates

Adani Enterprises Ltd is likely to be selected as the highest bidder to acquire the debt-laden Jaiprakash Associates Ltd (JAL) as lenders are said to be in favour of its faster repayment plan over Vedanta Group’s longer five-year schedule.

Adani’s plan to complete payments within two years reportedly scored higher in the evaluation conducted by JAL’s Committee of Creditors (CoC). In September, Vedanta had initially emerged as the top bidder with an offer of ₹12,505 crore. However, after lenders sought better value, fresh bids were invited from Adani Enterprises, Vedanta, Dalmia Cement (Bharat), Jindal Power and PNC Infratech.

The revised proposals were submitted in on October 14. Adani Enterprises offered ranked highest followed by Dalmia Cement and Vedanta.

The CoC is expected to put the resolution plan to vote within the next two weeks. Dalmia’s offer, however, is understood to be contingent upon a pending Supreme Court verdict involving JAL and the Yamuna Expressway Industrial Development Authority.

Meanwhile, the former promoters of JAL had also submitted a settlement offer under Section 12A, though they reportedly failed to identify clear funding sources.

JAL, which operates in real estate, cement, power, hospitality, and infrastructure, was admitted into the Corporate Insolvency Resolution Process by the National Company Law Tribunal, Allahabad, on June 3, 2024, after defaulting on loans. Financial creditors’ claims amount to around ₹60,000 crore, led by the National Asset Reconstruction Company Ltd, which acquired JAL’s stressed loans from a consortium led by State Bank of India.

In April, 25 companies had expressed interest in acquiring JAL, though only five eventually submitted bids. Vedanta initially emerged as the top bidder in the September challenge process before the latest round of revisions.

JAL’s assets include major real estate projects such as Jaypee Greens in Greater Noida, Wishtown in Noida, and Jaypee International Sports City near Jewar Airport, along with hotel properties in Delhi-NCR, Mussoorie, and Agra.

The group also owns non-operational cement plants in Madhya Pradesh and Uttar Pradesh, besides investments in subsidiaries such as Jaiprakash Power Ventures Ltd and Yamuna Expressway Tolling Ltd.

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Adani Kutch Copper ties up with Australia’s Caravel Minerals

Adani Enterprises’ copper arm, Kutch Copper, has signed an MoU with Caravel Minerals Ltd of Australia to secure copper concentrate for its $1.2 billion smelter in Gujarat.

Under the agreement, Kutch Copper will source up to 71,000 tonnes of copper a year from the Caravel Copper Project near Perth in Western Australia’s Murchison region. The partnership will also enable both countries to explore investment opportunities and work towards a final investment decision (FID) by 2026.

“Copper is the backbone of the global energy transition, and our partnership with Caravel Minerals strengthens India’s and Australia’s role in building a resilient and responsible supply chain for this vital metal,” said Dr. Vinay Prakash, CEO, Natural Resources, Adani Group.

The Caravel Copper Project is estimated to contain 1.3 million tonnes of payable copper with a mine life of more than 25 years. With an all-in sustaining cost of $2.07 per pound, it is expected to be among the world’s lowest-cost copper producers.

According to Caravel’s Managing Director, Don Hyma, the partnership represents a key milestone in unlocking the project’s full potential. He noted that the collaboration combines Adani’s downstream and infrastructure expertise with Caravel’s large-scale copper resource, built on a shared commitment to sustainable and long-term production.

The companies will also explore joint procurement and cross-border initiatives under the India-Australia Free Trade Agreement to strengthen bilateral trade, workforce development, and technology transfer.

As the world shifts toward electric vehicles and clean energy, the need for copper is expected to grow by almost 50% by 2040. The partnership between Caravel and Kutch Copper aims to help India and Australia play a major role in creating a reliable and eco-friendly supply of this important metal for the future.

Also Read: Infosys Sets Nov 14 Record Date for ₹18,000 Cr Buyback

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Adani Enterprises Q2 profit jumps 84% YoY to ₹3,199 crore

Adani Enterprises Ltd (AEL), the flagship of the Adani Group, reported consolidated EBITDA of ₹7,688 crore and profit before tax (PBT) of ₹2,281 crore for the first half of FY26, driven by strong growth in infrastructure and energy ventures.

The company’s Board also approved a ₹25,000 crore rights issue, marking one of the largest fundraises by the group in recent years. The capital infusion is expected to strengthen AEL’s balance sheet and support expansion in high-growth areas such as airports, data centers, green energy, and roads.

The first half of FY26 was marked by key milestones, including the inauguration of the greenfield Navi Mumbai International Airport and the completion of the company’s seventh road project. These achievements highlight its ability to execute complex, large-scale infrastructure projects on schedule, AEL said.

It added that the emerging core infrastructure portfolio spanning airports, data centers, and roads delivered an EBITDA of ₹5,470 crore during the half year, up 5% year-on-year. This segment now contributes 71% of the company’s consolidated EBITDA, underlining its growing importance within the overall portfolio.

“With disciplined execution and strategic diversification, Adani Enterprises continues to strengthen its position as India’s leading incubator of transformative infrastructure and energy businesses,” said Gautam Adani, Chairman of the Adani Group. “The inauguration of the Navi Mumbai International Airport marks a defining moment in India’s infrastructure story and reinforces AEL’s role as a national growth catalyst.”

AEL’s collaboration with Google on India’s largest AI data centre and its progress in green energy place the company at the forefront of the country’s tech-driven sustainability push. He added that AEL aims to build globally competitive businesses that deliver enduring value and strengthen India’s self-reliance.

Over the years, AEL has successfully incubated and scaled several businesses that are now independently listed entities, including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas, and Adani Wilmar. The company’s current portfolio of next-generation businesses, including the green hydrogen ecosystem, airports, data centers, roads, copper, and petrochemicals, is seen as the next phase of value creation for the group.

With a diversified portfolio and a proven record of project execution, AEL said it remains well-positioned to deliver sustainable growth while contributing to India’s infrastructure and energy transformation.

Also Read: Adani Ports Q2 Profit Up 29% as Logistics, Marine Shine