Adani Group stocks in focus as CCI approves acquisition of Jaiprakash Associates

Shares of Adani Group companies are expected to be in focus on Thursday after the Competition Commission of India (CCI) approved the acquisition of Jaiprakash Associates Ltd (JAL) by Adani Enterprises Ltd (AEL), Adani Infrastructure and Developers Pvt. Ltd. (AIDPL), or any other entity forming part of the Adani Group.

According to CCI’s official statement, the approval covers the acquisition of up to 100% shareholding in JAL, marking a major step in Adani’s expansion drive across infrastructure and real estate.

The announcement was also made public through CCI’s social media handle on X.

JAL, once a flagship of the Jaypee Group, has been undergoing insolvency proceedings after defaulting on debt repayments. In June 2024, the company was admitted to the Corporate Insolvency Resolution Process (CIRP) by the NCLT’s Allahabad Bench, with creditors’ claims amounting to nearly Rs 57,185 crore.

The National Asset Reconstruction Company Ltd. (NARCL) is currently the top claimant after taking over stressed loans from a consortium led by the State Bank of India.

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The debt-ridden firm has attracted multiple bidders due to its extensive assets, which include:

• Large-scale real estate projects such as Jaypee Greens in Greater Noida and Jaypee International Sports City near the upcoming Jewar International Airport.
• Commercial and industrial properties across Delhi-NCR, Mussoorie, and Agra.
• Four non-operational cement plants and several limestone mines in Madhya Pradesh.
• Investments in subsidiaries, including Jaiprakash Power Ventures, Yamuna Expressway Tolling, and Jaypee Infrastructure Development.

Besides Adani, several other companies—including Dalmia Bharat, Jindal Power, PNC Infratech, and Vedanta Group—had expressed interest in acquiring JAL. However, CCI’s nod now clears a key regulatory hurdle for the Adani Group’s potential takeover.

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The Committee of Creditors (CoC) is expected to review and vote on the final resolution plans in the coming weeks, a process mandated under the Competition Act and supervised by the Supreme Court’s directions.

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