Adani nears $1.4 bn buyout of Jaiprakash in M&A comeback

Billionaire Gautam Adani’s conglomerate is the frontrunner to buy the insolvent Jaiprakash Associates Ltd., setting the stage for his first $1 billion-plus acquisition since a short seller attack in 2023 and a US bribery probe lastyear.

- Bloomberg

Adani Group leads the race among bidders to acquire the infrastructure developer with an unconditional bid of at least ₹12,000 crore ($1.4 billion), according to people familiar with the bidding process who did not want to be named as the details are private. Jaiprakash’s lenders are overseeing the sale and assessing the bids under India’s bankruptcy law.

Dalmia Bharat Ltd., Jindal Steel & Power Ltd. and Vedanta Ltd. are among the other companies that have also put in bids, but with conditions that included clarifications about some legal disputes, the people said. This gives Adani’s unconditional bid a strong chance of securing the asset, they said.