Adani Ports and Special Economic Zone Ltd (APSEZ) has expressed in-principle interest in becoming one of the implementing entities under the insolvency resolution plan for Jaiprakash Associates Limited (JAL), signalling the Adani Group‘s continued push to pick up strategic assets through bankruptcy proceedings.
In a stock exchange filing, APSEZ said the resolution plan submitted by Adani Enterprises Limited for JAL has been approved by the National Company Law Tribunal (NCLT), Allahabad bench, Prayagraj, on March 17, with the order uploaded on March 18.
The approved plan allows Adani Enterprises to nominate one or more “implementing entities” to execute the resolution, including through acquisition of specific assets from JAL. APSEZ said it has expressed interest in taking up such a role, either directly or indirectly through group-linked entities.
As part of this move, the company is evaluating acquisition of certain aviation assets of JAL and indirect control over Kanpur Fertilizers and Chemicals Ltd, which owns industrial and commercial land parcels in Kanpur. The proposed acquisitions remain subject to requisite regulatory and other approvals.
The development marks a potential expansion of APSEZ beyond its core port and logistics operations into adjacent infrastructure and industrial assets, in line with the Adani Group‘s broader strategy of leveraging insolvency processes to scale its assbase.
JAL, once a major infrastructure player with interests spanning cement, power, real estate and engineering, has been undergoing corporate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, amid mounting debt and operational stress.
