It’s a rare financial alchemy. In one stroke, the Adani Group, which won approval on 10 April to acquire the bankrupt Jaiprakash Associates’s assets, vaults itself into entirely new businesses and solidifies some old ones.

The Rs 14,535-crore ($1.6 billion) bid will catalyse the transmutation. It’ll bring in luxury hotel properties, control of India’s only Formula 1 track, and huge land parcels in the national capital region. It’ll also plonk the group into the number two position in the cement market, creating a formidable duopoly........

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