Mumbai: The Adani Group has emerged as the successful bidder for the acquisition of debt-ridden Jaiprakash Associates, securing overwhelming support from lenders. According to people aware of the development, nearly 90 percent of the Committee of Creditors (CoC) voted in favour of Adani’s resolution plan. The process was coordinated by the National Asset Reconstruction Company Ltd (NARCL), which holds nearly 86 percent of the voting share, giving it a decisive role in the outcome.
A small set of lenders, including State Bank of India and ICICI Bank, chose to abstain from voting. Collectively, their share accounts for less than 3 percent of the CoC’s voting power and therefore had no significant impact on the decision.
Lenders reportedly preferred the Adani Group’s proposal due to its substantially higher upfront payout compared with rival bids. The conglomerate presented a total offer of Rs 13,500 crore, consisting of Rs 6,005 crore upfront and another Rs 6,726 crore payable after two years. When measured in net present value terms, the proposal stands at nearly Rs 12,000 crore.
During the Swiss challenge bidding process, the Vedanta Group had initially offered a larger total package of about Rs 16,000 crore. However, its upfront component was considerably smaller—Rs 3,770 crore—while the remainder was to be paid over five years. Vedanta later attempted to revise its payment structure to increase the immediate payout, but the interim resolution professional did not permit the modification, as the Swiss challenge phase had already concluded.
With the CoC now in agreement, lenders are preparing to issue a Letter of Intent (LoI) to the Adani Group. The next step will be for the resolution professional to file the plan before the National Company Law Tribunal (NCLT) for its approval.
Jaiprakash Associates currently faces claims amounting to Rs 57,185 crore under the Insolvency and Bankruptcy Code.
