Lenders of Jaiprakash Associates have chosen the Adani Group to take over the company which has been in deep financial trouble for years. The firm is currently in the insolvency process due to heavy debt.

Adani Enterprises received a Letter of Intent on November 19 confirming that creditors want the Adani plan. The takeover now needs approval from the National Company Law Tribunal in Allahabad. After clearance the Adani Group can implement the plan through any of its companies.

Reports say the deal is close to 1.5 billion dollars. Jaiprakash Associates has businesses in cement construction power real estate hotels and fertilizers.

Other bidders included Vedanta Dalmia Bharat PNC Infratech and Jindal Power. Vedanta had made the highest bid but lenders preferred Adani because it offered a stronger upfront payment and a more secure plan.

Jaiprakash Associates owes around 55,000 crore rupees and entered insolvency in June 2024 . The National Asset Reconstruction Company is the biggest lender in the process.