Billionaire Gautam Adani's sprawling infrastructure portfolio is poised for a major boost as Jaiprakash Associates Limited founder Jaiprakash Gaur officially endorsed the Adani Group's successful bid to acquire the beleaguered company.
​Last month, the National Company Law Tribunal approved Adani Enterprises' Rs 14,535 crore resolution plan for the debt-laden firm, marking a monumental win for the Adani conglomerate over rival bidders like the Vedanta Group.
​In a public statement released Thursday, Gaur confirmed his full backing of the transition. The founder noted he has every confidence that under the leadership of Gautam Adani, the Jaiprakash Associates legacy will be carried forward with renewed energy, responsibility, and purpose, ensuring that the aspirations of all stakeholders are fulfilled. He extended his heartfelt wishes to the Adani Group as they take the journey forward.
​Addressing the Corporate Insolvency Resolution Process, Gaur stated that the Committee of Creditors selected the Adani Group as the successful Resolution Applicant, a decision he fully respects. He expressed appreciation for what he called a fair and transparent process conducted by the Committee of Creditors and the Resolution Professional, and he thanked both the Adani Group and the Vedanta Group for their participation.
​The acquisition secures a stable, well-capitalized future for the once-struggling enterprise. Reflecting on his company's history since its founding in 1979, Gaur described Jaiprakash Associates as a lifelong journey of conviction, perseverance, and nation-building.
He noted that the company delivered iconic assets such as the Buddh International Circuit, major hydropower projects, cement capacity, and integrated developments.
According to Gaur, this journey remains a matter of deep personal pride. Acknowledging the financial stress the company endured, Gaur noted that the recent challenges have been difficult for all stakeholders.
However, he emphasized that throughout the insolvency period, the company worked with sincerity and commitment alongside homebuyers, employees, lenders, and partners to enable a fair and credible resolution.
ALSO READ: SC Refuses To Halt Adani's JAL Takeover, Asks Vedanta To Fight It Out At NCLAT
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.