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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