After a decade of bankruptcy law, top conglomerates Adani, JSW, Reliance, Tata emerge as biggest winners

Subscribe to enjoy similar stories.Four of India’s biggest conglomerates—Adani Group, JSW Group, Reliance Industries, and Tata Group—have emerged as the dominant buyers of stressed assets under India’s decade-old bankruptcy regime.Together, these four conglomerates acquired companies that accounted for nearly a quarter of the total admitted claims of ₹13 trillion under the corporate insolvency resolution process (Cirp) of the Insolvency and Bankruptcy Code (IBC) as of December 2025—despite accounting for just 28 of the 1,376 resolutions completed so far.Adani Group led the pack with 13 acquisitions, including six power companies, according to a Mint analysis of data from the Insolvency and Bankruptcy Board of India (IBBI). These deals helped rapidly scale up Adani Power Ltd, which emerged as the country’s largest thermal power producer.The JSW Group followed with seven acquisitions, including Bhushan Power and Steel Ltd, one of the most prominent resolutions under the insolvency process.

Reliance Industries acquired five assets spanning Reliance Communications’ cellular towers and textiles, while the Tata Group bought three companies, including Bhushan Steel Ltd.Outside this group, ArcelorMittal also emerged as a significant acquirer, buying three steel assets—Essar Steel Ltd, Uttam Galva Steels Ltd, and Indian Steel Corporation Ltd—for a cumulative ₹46,522 crore.In contrast, the Vedanta Group acquired just one asset through the process—Electrosteel Ltd—despite being in contention for several large bankrupt companies, including Essar Steel and Uttam Galva. The group's acquisition of Videocon Ltd has stalled due to legal disputes after the creditors expressed dissatisfaction with the offer.Despite their limited share of