Jaypee Group founder Jaiprakash Gaur has expressed support for the Adani Group’s acquisition of his insolvent firm Jaiprakash Associates Ltd (JAL), stating that he has full confidence in Gautam Adani’s leadership.
In a statement issued on Friday, Gaur said he respected the decision of the Committee of Creditors (CoC), which selected Adani Enterprises Ltd as the successful resolution applicant.
“I appreciate the fair and transparent process conducted by the Committee of Creditors and the Resolution Professional, and I thank both the Adani Group and the Vedanta Group for their participation and interest.
“The Committee of Creditors (CoC) has selected the Adani Group as the successful resolution applicant, and we fully respect this decision,” he said.
Gaur said he was confident that the legacy of Jaiprakash Associates would continue under Adani’s leadership.
“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, ensuring that the aspirations of all stakeholders are fulfilled,” he said.
Describing JAL as “more than a company, it has been a lifelong journey of conviction, perseverance, and nation-building since its founding in 1979”, he extended his “heartfelt wishes” to the Adani Group.
In November last year, the CoC approved Adani Enterprises’ Rs 14,535 crore bid to acquire JAL’s assets through the insolvency process. The National Company Law Tribunal (NCLT), Allahabad bench, approved the plan on March 17.
Vedanta Ltd, which had made a higher bid of Rs 17,926 crore, has challenged the approval before the National Company Law Appellate Tribunal (NCLAT). The appellate tribunal has declined to grant an interim stay on the NCLT order, and the Supreme Court has also not stayed it.
The statement comes days after Vedanta Chairman Anil Agarwal claimed that Gaur had wanted JAL to be in the “safe hands” of his group.
Agarwal had said Vedanta received written confirmation that it had won a bid for a Jaypee asset, but the decision was later reversed. He added that his company would pursue the matter through due process.
“We have no attachment to this asset. If it comes, it is God's grace. If it goes, that is also his wish,” he said.
JAL was admitted to the Corporate Insolvency Resolution Process in June 2024 after defaulting on loans totalling Rs 57,185 crore.
Gaur noted that the financial challenges had been difficult for stakeholders, adding that efforts were made to ensure a fair and credible resolution alongside homebuyers, employees, lenders and partners.
He also highlighted the group’s legacy, including projects such as the Buddh International Circuit, hydropower projects, cement capacity, and integrated developments like Jaypee Wish Town, Jaypee Greens, and Jaypee Sports City.
JAL’s portfolio includes major real estate projects in Noida and Greater Noida, commercial spaces in Delhi-NCR, hotel properties across multiple cities, and cement plants in Madhya Pradesh and Uttar Pradesh.
Adani Enterprises secured around 90 per cent of creditor votes, ahead of other bidders including Dalmia Cement (Bharat) and Vedanta Group.
The company also holds investments in subsidiaries such as Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.
