Jaiprakash Power Ventures (JP Power) shares continued their upward momentum on November 25th today as investor interest strengthened following reports that Adani Group is likely to win the bid to acquire debt-laden Jaiprakash Associates (JAL). The stock rose by 1% today and is currently trading at Rs.19.65. On November 19th, shares rose nearly 9 percent in early trade on the National Stock Exchange to ₹22.79. The stock has gained more than 27 percent in two days. The rally followed reports on Nov. 19 that creditors selected Adani’s takeover proposal for JAL over a higher bid submitted by Vedanta.
According to reports, lenders favored Adani’s offer because it included larger upfront payments. Vedanta’s ₹17,000 crore bid exceeded Adani’s ₹13,500 crore proposal, but its payment structure extended across five years. Adani offered a shorter timeline of one and a half to two years, which creditors viewed as a more practical recovery plan. The lenders include several major Indian banks.
JAL, currently undergoing insolvency proceedings, drew interest from multiple bidders. Apart from Adani and Vedanta, companies such as Dalmia Bharat, Jindal Power, and PNC Infratech also submitted offers. Controlling shareholder Manoj Gaur lodged a last-minute proposal but withdrew it. Jaiprakash Associates, once a major infrastructure and cement conglomerate, entered insolvency due to growing debt and sustained financial stress. The company’s assets, including real estate, power, and cement interests, attracted bidders as part of the resolution process under India’s Insolvency and Bankruptcy Code.
An acquisition by Adani would expand the group’s presence across infrastructure and utilities. For lenders, the upfront payment structure and faster resolution timeline were significant factors in preferring the bid, according to reports. JP Power, a separate listed entity engaged in power generation, has seen volatile trading over the years. Its performance remains partially tied to JAL’s financial health due to the parent company’s shareholding.