Our Bureau
Ahmedabad
India’s largest private ports operator, Adani Ports and Special Economic Zone (APSEZ), announced on Thursday that it will acquire 100% stake in Jaypee Fertilizers & Industries Ltd (JFIL) from Jaiprakash Associates Limited for ₹1,500 crore. The deal is part of the National Company Law Tribunal (NCLT)-approved insolvency resolution plan for Jaiprakash Associates.
The acquisition, which will be completed in cash, gives APSEZ indirect control over Kanpur Fertilizers and Chemicals Ltd (KFCL), a step-down subsidiary of JFIL. KFCL owns approximately 243 acres of industrial and commercial land in Kanpur, Uttar Pradesh. This land is considered highly suitable for developing a large logistics park and warehousing hub, marking a strategic expansion for Adani Ports in North India.
The NCLT Allahabad Bench approved Jaiprakash Associates’ resolution plan on March 17, 2026. The plan, submitted by Adani Enterprises, was valued at ₹14,535 crore. Under this resolution, existing equity shares of Jaiprakash Associates will be cancelled with zero value, meaning approximately 6.45 lakh shareholders will receive no payout. The company will be delisted from both the National Stock Exchange and Bombay Stock Exchange.
Lenders led by the National Asset Reconstruction Company Ltd (NARCL), which holds 87% of Jaiprakash Associates’ ₹57,185 crore total debt, will benefit from creditor recovery through this deal. The Competition Commission of India approved the acquisition in August 2025, and the Committee of Creditors voted 89% in favour of the Adani Group in November 2025.
This acquisition marks Adani Ports’ entry into the fertilizer business while primarily focusing on expanding its multimodal logistics and warehousing network by 2031. The Kanpur land parcel strengthens Adani’s presence in North India’s logistics corridor, supporting the company’s broader infrastructure development goals.
