Mumbai, April 16 -- 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 Rs.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 rapid...