Jaypee Founder Backs Adani Takeover, Calls Resolution Process 'Fair and Transparent'

It took four decades to build Jaiprakash Associates and an insolvency process to bring it to a crossroads. With the National Company Law Tribunal having approved Adani Enterprises' ₹14,535 crore bid to acquire the debt-ridden infrastructure giant, Jaypee Group founder Jaiprakash Gaur has finally broken his silence.

Calling the resolution process "fair and transparent," Gaur reflected on what his life's work had meant. "Jaiprakash Associates has been more than a company-it has been a lifelong journey of conviction, perseverance, and nation-building since its founding in 1979," he said.

The group, he recalled, had delivered some of India's most iconic infrastructure, including the Buddh International Circuit, major hydropower projects, significant cement capacity and integrated townships like Jaypee Wish Town, Jaypee Greens and Jaypee Sports City. "This journey remains a matter of deep personal pride," he added.

Acknowledging the financial stress that led to insolvency, Gaur said the process had been difficult for all stakeholders, but expressed satisfaction that the outcome had been credible and respectful.

Why Adani Won over Vedanta

The bidding process was fiercely contested. Adani Enterprises ultimately prevailed with a ₹14,535 crore offer, securing a commanding 89% of creditor votes, ahead of both Vedanta and Dalmia Bharat.

A key factor in Adani's favour was the structure of its offer. Around ₹6,000 crore upfront with full payment within two years, compared to Vedanta's longer repayment timeline of up to five years.

The Committee of Creditors approved Adani's plan in November last year, and the NCLT Allahabad bench formally pronounced its order on March 17, 2026.

Vedanta's Fight

After Adani won the bid, Vedanta chairman Anil Agarwal was not prepared to accept the outcome quietly. Vendanta had argued it had submitted a higher bid of ₹16,726 crore, topping Adani's offer by over ₹2,000 crore.

The company challenged the NCLT order before the National Company Law Appellate Tribunal, which on March 24 declined to stay the implementation of Adani's plan. Vedanta then moved the Supreme Court on March 25, seeking a stay.

The Supreme Court on April 6 declined to halt the plan's implementation but provided a safeguard. It restrained the monitoring committee from taking any major policy decisions without prior approval from the NCLAT.

Despite the legal turbulence, Gaur thanked both Adani and Vedanta for their participation and expressed full confidence in the road ahead. "I have every confidence that under the leadership of Gautam Adani, the legacy of Jaiprakash Associates will be carried forward with renewed energy, responsibility, and purpose," he said.