New Delhi, April 16 -- India's biggest conglomerates have emerged as the dominant buyers of stressed assets under the Insolvency and Bankruptcy Code. Adani Group, JSW Group, Reliance Industries Ltd. and the Tata Group have cornered nearly a quarter of the total value of bad loans resolved over the past decade.

While these four groups acquired only 28 companies, their share of value is much higher, especially in large cases worth more than Rs.1,000 crore each, which account for 86% of admitted claims. The Adani Group has made the most acquisitions out of the four, using them to rapidly scale its power business.

Their edge lies in deep pockets, sectoral expertise and the ability to extract synergies, helping them outbid rivals and revive ...