Adani Group shares are under spotlight after expressing an interest in purchasing Jaiprakash Associates

Adani Group stocks are expected to be in focus on Wednesday, March 27, after news of the group’s strong interest in Jaiprakash Associates Ltd (JAL) throughout the bankruptcy proceedings. According to a previous ET story, Jaypee Group’s main firm, JAL, which operates in the cement, power, hotel, construction, and real estate industries, has been admitted to the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code of 2016. On June 3, 2024, the National Company Law Tribunal (NCLT), Allahabad Bench issued a ruling granting admission.

According to reports, the Adani Group has filed an Expression of Interest (EOI) to purchase the insolvent JAL. Earlier last month, the NCLT mandated that resolution proposals for Jaiprakash Associates’ acquisition through the insolvency process be considered for the entire firm as a going concern, rather than for each of its business verticals separately. As of February 20, 2025, Jaiprakash Associates has outstanding debts from banks and financial institutions of Rs 55,493.43 crore. JAL has recently announced that a syndicate of lenders has transferred its outstanding liabilities to the National Asset Reconstruction Company Ltd (NARCL). 

SBI, ICICI Bank, IDBI Bank, Axis Bank, LIC, Canara Bank, Bank of Maharashtra, IFCI, PNB, UCO Bank, South Indian Bank, Punjab & Sind Bank, Jammu & Kashmir Bank, SIDBI, Standard Chartered Bank, Karur Vysya Bank, EXIM Bank, Bank of India, Indian Overseas Bank, Indian Bank, IndusInd Bank, Bank of Baroda, Union Bank of India, Central Bank of India, and SREI Equipment Finance Ltd. Another Jaypee Group company, Jaypee Infratech, has previously been bought by Mumbai-based Suraksha Group through insolvency proceedings. Meanwhile, the Adani Group is allegedly in discussions to buy Emaar India, Dubai-based Emaar Properties’ real estate business.