Adani group bids .4-2.6 bn for Jaiprakash Associates

The Adani group is understood to have submitted a preliminary bid in the range $2.4-2.6 billion for Jaiprakash Associates (JAL), which is undergoing insolvency proceedings, sources said.

The last date for submitting expressions of interest was March 25; over 20 prospective bidders are also reportedly in the fray.

Sources said that Adani Group’s interest stemmed from JAL’s businesses, which would augment its existing portfolio, such as cement, power, and real estate.

Substantial assets

Jaiprakash Associates was admitted to the bankruptcy court in 2024 following an insolvency petition filed by ICICI Bank. Since then, it has attracted considerable interest from other corporate houses as it has created substantial assets in the areas in which it operated.

In January 2025, the National Asset Reconstruction Company emerged as the sole bidder to take over the stressed loans of JAL for ₹12,000 crore, which was a major breakthrough for lenders. However, the insolvency process has continued and the deadline in the EoI, issued in February 2025, was extended to allow more bidders to participate.

Creditors have made claims worth over ₹57,000 crore, reportedly owed to them by the company.

According to the EoI documents, JAL’s engineering and construction business has projects in hydropower, irrigation, roads, and tunnels. It has 17 ongoing projects. Under its real estate business, it has several projects spread over hundreds of acres, as well as commercial, industrial properties, and several hotels.

It has four cement units and limestone mining leases in Madhya Pradesh.