Adani Group Plans Strategic Split Of Jaypee Assets After NCLT Approval

The National Company Law Tribunal (NCLT) Allahabad Bench has formally approved Adani Enterprises Limited 's resolution plan for Jaiprakash Associates on March 17, 2026, marking a decisive conclusion to the insolvency proceedings. Following this approval, the Adani Group is now preparing for a strategic split of the diverse asset portfolio, which includes cement plants, power assets, large land parcels in the Delhi-NCR region, and the iconic Buddh International Circuit Formula One racing track.

Official NCLT Order and Asset Portfolio Overview

The NCLT Allahabad Bench delivered its oral pronouncement approving the resolution plan submitted by Adani Enterprises Limited as the successful resolution applicant. The deal hands the Adani Group control over a comprehensive portfolio spanning multiple sectors and premium assets. The company has issued a formal regulatory disclosure under Regulation 30 of SEBI Listing Regulations to both BSE Limited and National Stock Exchange of India Limited, confirming the tribunal's decision and outlining the strategic implications for the acquired assets.

Development:	Details
NCLT Order Date:	March 17, 2026
Resolution Plan Date:	October 14, 2025
Successful Applicant:	Adani Enterprises Limited
Legal Framework:	Section 31 of IBC 2016
Key Assets:	Cement plants, power assets, Delhi-NCR land, F1 circuit
Strategic Approach:	Planned asset portfolio split

Strategic Asset Distribution Framework

According to the official disclosure, the resolution plan may be implemented by Adani Enterprises Limited, its promoters, promoter group, and other entities identified as part of the Adani group. The implementation structure includes Adani Power Limited, Adani Infra (India) Limited, Adani Ports and Special Economic Zone Limited, Karnavati Aviation Private Limited, and Mandhata Build Estate Private Limited. The strategic split of Jaypee assets is expected to leverage the specialized expertise of different Adani group entities, with cement and power assets likely to be integrated with existing Adani operations while the premium Delhi-NCR land parcels and Buddh International Circuit may be developed separately.

Asset Portfolio and Market Implications

The approved resolution plan encompasses a diverse range of high-value assets that significantly expand Adani Group's presence across multiple sectors. The cement plants will strengthen the group's construction materials portfolio, while the power assets align with Adani Power's existing operations. The large land parcels in the Delhi-NCR region represent substantial real estate value in one of India's most sought-after markets. The acquisition of Buddh International Circuit, the iconic Formula One racing track, adds a unique entertainment and sports infrastructure asset to the Adani portfolio, potentially opening new revenue streams in motorsports and events management.

Implementation Timeline and Shareholder Impact

The resolution plan will become effective within 90 days from the NCLT approval date, with the strategic asset split expected to be implemented during this period. The approved plan mandates immediate delisting of Jaiprakash Associates' securities from stock exchanges with zero consideration for existing shareholders, as the liquidation value is insufficient to satisfy secured creditors' claims. All pre-CIRP issued share capital will be entirely cancelled and extinguished for zero consideration on the effective date, while the Adani Group proceeds with the comprehensive integration and strategic distribution of the acquired assets across its various business verticals.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+3.78%	-4.50%	-13.58%	-25.72%	-17.85%	+89.77%

Adani Enterprises has completed the conversion of 137.47 million partly paid shares to fully paid shares following the receipt of Second and Final Call Money, as announced in a regulatory filing dated March 19, 2026.

Share Conversion Details

The Rights Issue Committee of the Board of Directors approved the conversion at its meeting held on March 19, 2026. The conversion involves transforming 13,74,74,268 partly paid-up equity shares that were 75% paid-up into fully paid-up equity shares of face value ₹ 1.00 each.

Parameter:	Details
Shares Converted:	13,74,74,268
Face Value:	₹ 1.00 each
Previous Status:	75% paid-up (₹ 0.75 face value + ₹ 1,349.25 premium)
New Status:	Fully paid-up equity shares
ISIN:	INE423A01024

Rights Issue Context

This conversion relates to the company's Rights Issue and follows previous communications dated February 9, 2026 and February 17, 2026 regarding the Second and Final Call on partly paid-up equity shares. The conversion is being undertaken specifically for Call Monies received through the ASBA (Application Supported by Blocked Amount) facility.

Corporate Action Impact

The conversion of partly paid shares to fully paid status represents completion of the payment obligations under the Rights Issue framework. This corporate action affects the company's total paid-up share capital and provides clarity on the equity structure following the rights offering process.

Regulatory Compliance

The announcement was made under Regulation 30 to both BSE Limited and National Stock Exchange of India Limited, ensuring compliance with disclosure requirements for material corporate actions. The filing was digitally signed by Jatin Jalundhwala, Company Secretary & Joint President (Legal), confirming the authenticity of the corporate action.