Adani Group wins lenders' vote to take over Jaiprakash Associates, sources say

The Adani Group has secured the mandate to take over debt-laden Jaiprakash Associates after around 90% of lenders voted in favour of its resolution plan, according to people familiar with the matter. The process was led by the National Asset Reconstruction Company Ltd (NARCL), which alone controls about 86% of the Committee of Creditors’ (CoC) voting share.

A small group of lenders, including State Bank of India

and ICICI Bank, abstained from voting. Together, they account for less than 3% of the CoC’s votes, sources said.

Lenders preferred Adani’s bid primarily because it offered a significantly higher upfront payment compared to competing proposals. The conglomerate has proposed a total consideration of ₹13,500 crore, including ₹6,005 crore upfront and another ₹6,726 crore payable after two years. In net present value terms, the offer is estimated at ₹12,000 crore.

Vedanta Group had earlier offered about ₹16,000 crore during the Swiss challenge process, comprising ₹3,770 crore upfront and ₹13,000 crore spread over five years. Vedanta later attempted to restructure its payment terms to increase the upfront component, but the change was not accepted by the interim resolution professional as the Swiss challenge round had already concluded.

Following the CoC’s approval, lenders are set to issue a Letter of Intent (LoI) to the Adani Group. The resolution professional will subsequently move the National Company Law Tribunal (NCLT) seeking approval for the plan.

Jaiprakash Associates is currently facing claims of ₹57,185 crore under the Insolvency and Bankruptcy Code.