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• Dalmia Bharat Ltd is set to acquire cement assets of Jaiprakash Associates Ltd (JAL) for more than INR 2,500 crore, as per sources.
• The deal includes 5.2 MTPA cement capacity and 3.3 MTPA clinker capacity from JAL.
• The transaction is part of the Adani Group-led restructuring of JAL after its acquisition under the Insolvency and Bankruptcy Code (IBC).
• The agreement is expected to settle earlier disputes, legal proceedings, arbitral issues and past framework arrangements related to the cement assets.
• The restructuring also involves broader asset integration of JAL across cement, power, logistics and infrastructure segments by Adani Group companies.
Dalmia Bharat Ltd is expected to acquire the cement assets of Jaiprakash Associates Ltd (JAL) for over INR 2,500 crore, according to sources. The transaction is linked to the ongoing restructuring of JAL following its acquisition by the Adani Group through the Insolvency and Bankruptcy Code (IBC) route. Advertisement
The deal covers JAL’s cement capacity of 5.2 million tonnes per annum (MTPA) and clinker capacity of 3.3 MTPA. This acquisition is expected to strengthen Dalmia Bharat’s position in the cement sector with added manufacturing capacity.
The Adani Group had taken over JAL as part of one of India’s larger insolvency resolutions involving multiple asset classes, including infrastructure, power, EPC, logistics-linked land banks, real estate and hospitality assets. The restructuring process has been focused on dividing and integrating these businesses under different operational entities.
Dalmia Bharat had earlier signed an arrangement to acquire JAL’s cement assets before the company entered insolvency proceedings. However, the transaction did not materialise at that time due to legal disputes and shareholder-related challenges, which remained unresolved for several years.
Jaiprakash Associates was admitted into the corporate insolvency resolution process (CIRP) by the National Company Law Tribunal (NCLT), Allahabad bench, on June 3, 2024, following a petition filed by ICICI Bank. The company has since been undergoing asset resolution and redistribution under the insolvency framework.
Sources also indicated that Dalmia Bharat has now entered into an agreement with JAL and the Adani Group to resolve all pending disputes, arbitral matters, and earlier contractual arrangements linked to the cement business. A formal announcement is expected soon.
In parallel developments, Adani Ports and Special Economic Zone Ltd (APSEZ) has acquired 100% stake in JFIL, the holding company of Kanpur Fertilizers and Chemicals Ltd (KFCL). The asset includes around 243 acres of land in Kanpur, which is expected to be developed into a logistics park and warehousing facility to support North India’s inland logistics network. The fertiliser operations at the site have remained inactive for several years.
APSEZ has also outlined plans to expand its multimodal logistics park network from 12 to 16 locations and increase warehousing capacity fourfold by 2031 as part of its long-term logistics expansion strategy.
Separately, Adani Power Ltd has expanded its power portfolio through multiple acquisitions linked to JAL assets. The company has acquired JAL’s stake in Jaiprakash Power Ventures Ltd (JPVL), which operates three power plants with a total capacity of 2,220 MW, along with a 2 MTPA cement grinding unit and a coal mining asset of 3.92 MTPA.
Adani Power has also signed a business transfer agreement for JAL’s 180 MW thermal power plant at Churk, along with related assets, including an 11.49% stake in Prayagraj Power Generation Company Ltd. This expansion increases its overall generation portfolio capacity of 18,150 MW.
Source PTI
5th Jun, 2025
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