NCLT clears Adani's ₹15,000cr Jaiprakash Associates acquisition
On March 17, 2026, the National Company Law Tribunal (NCLT) approved Adani Enterprises's plan to take over bankrupt Jaiprakash Associates Ltd. (JAL), rejecting Vedanta's challenge at the NCLT.
This comes after creditors gave a big thumbs up to Adani's offer last November.
Deal means Adani will offer a realizable value of ₹15,343cr
Adani's plan got massive support: about 93% of votes from financial creditors.
The deal means Adani will offer a realizable value of ₹15,343 crore, including around ₹6,000 crore upfront and take control of some major assets: nearly 4,000 acres in Noida and Greater Noida, cement plants in Uttar Pradesh and Madhya Pradesh, and stakes in real estate and power ventures.
JAL had been struggling since defaulting on loans and being admitted to insolvency in June 2024.
With this move, Adani gets a bigger footprint in cement and real estate. Ambuja Cements could see its capacity soar by fiscal 2028.
Vedanta might still appeal the decision, but for now, it's game on for Adani.