India’s largest private ports operator, Adani Ports and Special Economic Zone (APSEZ), on Thursday announced the acquisition of 100% stake in Jaypee Fertilizers & Industries Ltd (JFIL) from Jaiprakash Associates for ₹1,500 crore under the insolvency resolution process approved by the National Company Law Tribunal (NCLT).

With the acquisition, the Adani Group has formally entered the fertiliser business, adding a new segment to its fast-expanding infrastructure and logistics portfolio. 

The acquisition will be carried out through a share purchase agreement and completed entirely in cash, the company said in an exchange filing.

JFIL is the holding company of Kanpur Fertilizers and Chemicals Ltd (KFCL), which owns nearly 243 acres of industrial and commercial land in Kanpur. APSEZ said the land parcel is strategically located and suitable for developing a large-scale logistics park and warehousing facilities aligned with its inland logistics business.

The company said the acquisition would strengthen its logistics footprint in North India and support its long-term target of expanding its multimodal logistics park (MMLP) network from 12 to 16 by 2031. APSEZ also plans to increase its warehousing capacity nearly fourfold over the same period.

The transaction forms part of the approved resolution plan for Jaiprakash Associates submitted by Adani Enterprises. The NCLT’s Allahabad bench had approved the resolution plan in March 2026, while the National Company Law Appellate Tribunal upheld the order in May this year.

Earlier, lenders of Jaiprakash Associates had approved the Adani Group’s ₹14,535 crore resolution plan despite a competing higher bid from Vedanta.

APSEZ said it had already secured approval from the Competition Commission of India in August 2025 for the proposed transaction.

JFIL, incorporated in 2010, is engaged in fertiliser and chemical-related businesses and also holds investments in group entities, including Jaypee Uttar Bharat Vikas Pvt Ltd and KFCL. According to the disclosure filed by the company, JFIL reported a standalone turnover of ₹25,000 in FY24 and ₹2,000 in FY25.

APSEZ said that the acquisition is expected to be completed within 90 days from March 17, 2026, the date on which the NCLT approved the resolution plan.