Vedanta Clinches Jaiprakash Associates Deal, Outbids Adani

Vedanta has successfully outbid the Adani Group to acquire debt-laden Jaiprakash Associates Ltd (JAL) for Rs 17,000 crore. JAL, involved in real estate, cement, power, hotels, and roads, has been struggling with significant debt and was undergoing insolvency proceedings. The acquisition marks a significant move in the business landscape.

Mining giant Vedanta has emerged victorious over the Adani Group in a tense bidding war for debt-stricken Jaiprakash Associates Ltd (JAL), securing the acquisition for Rs 17,000 crore. This winning bid reflects JAL's net present value of Rs 12,505 crore.

In a challenge process conducted under the Insolvency and Bankruptcy Code, Vedanta's offer surpassed multiple bidders, including top contender Adani. Financial creditors had initially claimed Rs 57,185 crore, largely led by the National Asset Reconstruction Company Ltd.

JAL has diverse interests across sectors, including non-operational cement plants, strategic real estate projects, and hospitality assets. This acquisition offers Vedanta a comprehensive opportunity to expand its portfolio significantly.

(With inputs from agencies.)