India's Adani up; wins Jaiprakash Associates creditor approval

Jaiprakash Associates

20/11/2025 03:59

** Shares of Adani Enterprises ADEL.NS rise 1.8% to 2,477.90 rupees ; top gainer on benchmark Nifty 50 index, which is up 0.15%

** Adani says creditors of bankrupt infra group Jaiprakash Associates JAIA.NS approved its takeover proposal but didn't disclose the offer value

** Reuters reported that the creditors opted for Adani's 135 billion rupee (~$1.5 bln) bid over Vedanta's VDAN.NS bigger offer as it provided larger upfront payments

** Vedanta's bid entailed a five-year payment timeline, significantly longer than the 1.5-2 years proposed by Adani, sources told Reuters

** Jefferies says JAIA's portfolio spans cement, power, renewables and hotels, creating synergies; post-clearance it may involve asset carve-outs across Adani entities

** JAIA owes creditors 550 billion rupees. Insolvency proceedings were initiated last June

** YTD, ADEL up 1% vs VDAN's ~16% climb

($1 = 88.6100 Indian rupees)

 (Reporting by Urvi Dugar in Bengaluru)

 ((UrviManoj.Dugar@thomsonreuters.com;))