Shares of Adani Enterprises Limited rose over 2% on March 18 after the National Company Law Tribunal (NCLT) approved its ₹14,535 crore resolution plan to acquire Jaiprakash Associates Limited (JAL) through the insolvency process. The approval was orally pronounced by the Allahabad bench of the tribunal on March 17, 2026.
At around 9:50 AM, shares of Adani Enterprises were trading 2.2% higher at ₹2,109 apiece. Meanwhile, shares of Jaiprakash Power Ventures Limited surged over 8%, trading at ₹15.14 apiece, reflecting positive investor sentiment following the development.
Adani Enterprises emerged as the successful bidder after outpacing rival bids from Vedanta Limited and Dalmia Bharat Limited. The company had earlier secured approval from the Committee of Creditors (CoC) in November, receiving a dominant 89% of votes.
The acquisition comes under the Corporate Insolvency Resolution Process (CIRP) governed by the Insolvency and Bankruptcy Code, 2016. JAL was admitted into insolvency proceedings in June last year after defaulting on loans amounting to ₹57,185 crore.
Jaiprakash Associates holds a wide range of high-quality assets across multiple sectors, including real estate, cement manufacturing, hospitality, power, and engineering & construction. Its real estate portfolio includes marquee developments such as Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City located near the upcoming Jewar International Airport.
The company also owns three commercial and industrial office spaces in the Delhi-NCR region. Its hospitality division comprises five hotel properties spread across Delhi-NCR, Mussoorie, and Agra.
In the cement segment, JAL operates four plants located in Madhya Pradesh and Uttar Pradesh, along with leased limestone mines in Madhya Pradesh, strengthening its raw material supply chain.
Apart from its core assets, Jaiprakash Associates has investments in multiple subsidiaries and associate companies. These include Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, among others.
The acquisition is expected to significantly enhance Adani Group’s presence across infrastructure and allied sectors, given JAL’s diversified business interests and asset base.
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