M&A

M&A

Adani Enterprises to acquire Jaiprakash Associates via insolvency route

Economic Times  

Adani Enterprises has emerged as the winning bidder for Noida-based Jaiprakash Associates, with the creditors of Jaiprakash Associates unanimously voting in favor of its offer.The creditors chose Adani’s offer over Vedanta's higher bid of INR 17,000 crore for the bankrupt diversified infrastructure conglomerate. Lenders prioritized Adani's proposal due to its higher upfront payments, despite its net present value being approximately INR 500 crore lower than Vedanta's. The National Asset Reconstruction Company (NARC) is the largest creditor of Jaiprakash Associates.Jaiprakash Associates, the flagship of the Jaypee Group, was admitted for insolvency proceedings in June last year and owes creditors INR 55,000 crore. The company's diverse portfolio includes cement, power, engineering, hospitality, real estate, and sports infrastructure, featuring a sports city project in Greater Noida.