Adani Enterprises Secures JAL With ₹14,500 Cr Offer, Shares Edge Up 1%

Shares of Adani Enterprises rose as much as 1% on Thursday after the company formally announced its successful bid for the bankrupt real estate conglomerate Jaiprakash Associates Limited (JAL). The Gautam Adani-led group said in an exchange filing on Wednesday that it had received a Letter of Intent from JAL’s Resolution Professional.

On Thursday, Adani Enterprises’ shares opened about 1% higher than Wednesday’s closing price. During intraday trade, they pared some gains to trade at ₹2,451.65, up 0.84% on the BSE at 11:44 am.

“AEL has received a Letter of Intent (‘LOI’) from the Resolution Professional (‘RP’) on November 19, 2025 at 3:05 pm. JAL is engaged in a wide array of businesses such as engineering and construction, cement, power, real estate, fertilisers, hospitality, including through investments in its subsidiaries and affiliates,” Adani Enterprises told its shareholders.

Later, US brokerage Jefferies said the group’s plan is worth about ₹14,500 crore. According to a Moneycontrol report, the brokerage noted that the proposed carve-out of Jaypee Group’s cement, power, real estate, hotels and engineering-and-construction assets offers strategic synergies for the Adani Group.

The transaction is still subject to approval from the National Company Law Tribunal, Allahabad Bench, Prayagraj. The group has already received approval from the Competition Commission of India (CCI).

“The resolution plan, or any part thereof, may be implemented by AEL, its promoters, promoter group, other Adani group entities, or through any special purpose vehicle, in accordance with the terms of the resolution plan,” the filing added.

It was earlier reported that Gautam Adani’s ports-to-airports conglomerate outbid Anil Agarwal’s Vedanta for JAL. Vedanta had won a challenge process earlier this year, but its ₹17,000-crore proposal was reportedly conditional on JAL winning an ongoing legal case involving a 1,000-hectare land parcel in Greater Noida. The land, allocated for a sports city by the Yamuna Expressway Industrial Development Authority (YEIDA), was cancelled in 2019 after the company was found to have violated the lease agreement and defaulted on a ₹500-crore payment.

JAL, which owes around ₹55,000 crore and has been under insolvency since June last year, had received five revival bids from Dalmia Bharat, Jindal Power, PNC Infratech, Vedanta and Adani Enterprises. However, only Adani’s bid was unconditional, as per the reports.

On Tuesday, its creditors, led by the National Asset Reconstruction Company (NARC), reportedly voted in favour of the Adani Group’s bid despite it being lower.