India's biggest conglomerates dominate bankruptcy acquisitions. Adani Group, JSW, Reliance, and Tata have emerged as the primary winners under India's Insolvency and Bankruptcy Code over the past decade. These four giants acquired companies representing nearly a quarter of the total admitted claims worth thirteen trillion rupees, despite completing just twenty-eight of the thirteen hundred seventy-six total resolutions. Adani Group led with thirteen acquisitions, including six power companies that strengthened Adani Power's position as the nation's largest thermal power producer. JSW Group followed with seven acquisitions, including the prominent Bhushan Power and Steel resolution. Reliance Industries acquired five assets spanning telecommunications infrastructure and textiles, while Tata Group secured three companies.
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