Shares of Jaiprakash Power Ventures (JP Power) surged over 17% to Rs 22.25 in Monday’s intraday trade on the BSE, following media reports that the Adani Group has emerged as the highest bidder to acquire Jaiprakash Associates (JP Associates).

In June, it was reported that debt-laden Jaiprakash Associates (JAL) had received six resolution plans from suitors including Adani Group, Vedanta, JSPL (Naveen Jindal), Suraksha Group, Dalmia Bharat, and PNC Infratech, according to sources. The bids, submitted on June 24, were aimed at acquiring the company in its entirety.

JP Associates, which operates across real estate, cement, hospitality, and construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Allahabad Bench, via an order dated 3 June 2024.

The company entered insolvency after defaulting on loan repayments, with total claims from creditors amounting to a staggering Rs 57,185 crore.

JP Power has provided a corporate guarantee for a $150 million external commercial borrowing availed by JP Associates from the State Bank of India, which has since been converted into a rupee term loan.

JP Power reported a 73% year-on-year decline in net profit to Rs 155.67 crore for the March 2025 quarter, impacted by lower income. In the same quarter last year, the company had posted a net profit of Rs 588.79 crore.

Revenue also fell to Rs 1,366.67 crore, down from Rs 1,863.63 crore in the year-ago period. For FY25, net profit dropped to Rs 813.55 crore from Rs 1,021.95 crore in FY24.