India's largest ports operator Adani Ports and Special Economic Zone (APSEZ) on Thursday said it will acquire 100% shareholding in Jaypee Fertilizers & Industries Ltd (JFIL) from Jaiprakash Associates Limited (JAL) for Rs 1,500 crore as part of the NCLT-approved resolution plan for JAL.
The acquisition, to be completed in cash, will give APSEZ indirect control over Kanpur Fertilizers and Chemicals Ltd (KFCL), a step-down subsidiary of JFIL that owns around 243 acres of industrial and commercial land in Kanpur.
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The transaction is strategically important for APSEZ’s logistics expansion plans, as the Kanpur land parcel is considered suitable for developing a large logistics park and warehousing hub. The acquisition is expected to strengthen the company’s inland logistics network in North India and support its target of expanding its multimodal logistics park (MMLP) network from 12 to 16 and increasing warehousing capacity nearly fourfold by 2031.
Earlier this year, the NCLT approved the Adani Group’s Rs 14,535 crore resolution plan for Jaiprakash Associates after it secured majority lender support, while lenders rejected a higher rival bid from Vedanta.
APSEZ said the acquisition is being undertaken under the resolution plan submitted by Adani Enterprises Limited for JAL, which was approved by the National Company Law Tribunal’s Allahabad bench in March 2026 and later upheld by the National Company Law Appellate Tribunal in May 2026.
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The company added that approval from the Competition Commission of India had already been obtained in August 2025.
JFIL, incorporated in June 2010, is engaged in fertilizer and chemical-related businesses directly and through investments in group entities. It also owns Jaypee Uttar Bharat Vikas Pvt Ltd and KFCL. The company reported standalone turnover of Rs 25,000 in FY24 and Rs 2,000 in FY25, according to the disclosure.
APSEZ said the acquisition is expected to be consummated within 90 days from the NCLT approval date of March 17, 2026, in line with the approved resolution plan.
