The Adani Group’s acquisition of key assets of Jaiprakash Associates has formally entered the implementation stage, with the constitution of a monitoring committee for the exercise. This oversight body will monitor a number of transaction agreements worth nearly ₹5,700 crore in total to ensure a smooth transfer of the operations and properties of the debt-laden firm to various Adani business entities. The monitoring panel, set up to supervise the insolvency resolution plan approved by the National Company Law Tribunal, formally cleared the signing of definitive asset-transfer agreements.
With this authorised structure in place most of the asset buyout will be led by Adani Power. The company signed agreements for acquisition of 24 per cent stake held by Jaiprakash Associates in Jaiprakash Power Ventures Limited (JPVL) for about Rs 2,994 crore and transfer of entire 180 MW Churk thermal power plant and associated assets for Rs 1,200 crore. Adani Ports will also buy Jaypee Fertilizers & Industries, the holding company of Kanpur Fertilizers, in an indirect transaction of ₹1,500 crore.
The Adani Group plans to integrate these new power, infrastructure and fertilizer assets into the respective sector verticals through focused subsidiaries and special purpose vehicles. The monitoring committee will continue to oversee the transitioning affairs of the corporate debtor and ensure that all structural adjustments are fully compliant with the approved mandates of the Insolvency and Bankruptcy Code.