With the Adani Group’s acquisition of Jaiprakash Associates under India’s bankruptcy framework, the conglomerate led by billionaire Gautam Adani has now taken over about 14 companies through the Insolvency and Bankruptcy Code (IBC) since the regime came into force in 2016. The latest transaction is the group’s largest distressed-asset purchase to date, involving a creditor haircut of more than 75%.
Over the past decade, the conglomerate has spent about ₹35,000 crore on acquiring distressed assets that carried total admitted liabilities of nearly ₹1.2 lakh crore, according to an analysis of IBC data by CNBC-TV18.
The latest acquisition comes at a time when India is undergoing a large-scale infrastructure overhaul, and most of Adani’s earlier purchases also fall within capex-intensive sectors including power, ports, real estate, and infrastructure.
A review of Adani’s past resolutions under the IBC shows that the group typically acquires companies at 10%–30% of their admitted debt value, resulting in steep haircuts for financial creditors — in some cases as high as 98%. Jaiprakash Associates, with assets spanning cement, power, and real estate, represents another prized addition to the group’s portfolio. The company carried admitted claims of about ₹57,000 crore, while Adani’s winning bid stood at ₹13,500 crore.
The group has followed a similar strategy in other notable deals. It acquired Lanco Amarkantak Power for ₹4,101 crore, with creditors taking a haircut of 73%, and spent another ₹4,000 crore to take control of Vidarbha Industries Power, which had admitted claims of ₹6,754 crore. Adani Ports purchased Karaikal Port for ₹1,583 crore, of which ₹1,485 crore went directly to financial creditors against admitted dues of ₹2,997 crore.
In the Korba West Power acquisition, Adani paid ₹1,100 crore to financial creditors, whose total admitted claims stood at ₹3,346 crore. In an unusual outcome, unsecured lenders received 100% of their ₹1,685 crore dues — and Adani itself was one of these unsecured creditors. For Essar Power, the approved resolution plan involved a payout of ₹2,500 crore against admitted claims of about ₹12,000 crore, with total claims filed crossing ₹20,000 crore.
In certain cases, the conglomerate participated as part of a larger consortium or acquired select assets from distressed entities. For instance, Adani Power took control of GMR Chhattisgarh Energy (Raipur Energen) at an enterprise valuation of about ₹3,550 crore. Adani Properties also acquired key assets of HDIL — the Inspire BKC project and the Shahad land parcel — for ₹67 crore. HDIL has been under insolvency since 2019, with liabilities of nearly ₹7,800 crore.
Overall, Adani Group has emerged as a dominant force in India’s distressed asset market, using the IBC framework strategically to consolidate its position across crucial sectors. The acquisitions not only bring valuable assets into its fold at favourable valuations but also enable the group to strengthen supply chains, expand verticals and pursue ambitious growth plans.
The IBC, introduced in 2016 as a structured mechanism to address financial distress, has significantly transformed the resolution landscape. It offers troubled companies a chance to find new owners and revive operations, while those unable to attract buyers proceed to liquidation — a marked departure from the earlier regime, when loan defaults languished in courts for years without resolution.