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Vedanta Group has emerged victorious in the race to acquire Jaiprakash Associates Ltd (JAL), placing a Rs. 17,000 crore bid and edging out rival Adani Group, according to a PTI report. The bid amount translates into JAL’s net present value of Rs. 12,505 crore.
The bidding process for JAL saw multiple companies in the fray, including Dalmia Bharat, Jindal Power, and PNC Infratech. However, Vedanta and Adani Group were the only two contenders to place firm offers for the debt-ridden conglomerate.
JAL, with diverse interests spanning real estate, cement, power, hospitality, and infrastructure, was admitted to the corporate insolvency resolution process (CIRP) through an order of the National Company Law Tribunal (NCLT), Allahabad Bench, dated June 3, 2024. The proceedings followed defaults on loan repayments, with creditors’ claims mounting to Rs. 57,185 crore.
The Committee of Creditors (CoC) held its meeting on September 5 to conduct the challenge process for the resolution. The National Asset Reconstruction Company Ltd (NARCL), which acquired a large portion of JAL’s loans from a consortium led by the State Bank of India, leads the list of claimants.
JAL’s assets include marquee real estate developments such as Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City, located near the upcoming Jewar International Airport. The company also owns three commercial office spaces in Delhi-NCR and operates five hotels across Delhi-NCR, Mussoorie, and Agra.
In addition, JAL holds four non-operational cement plants in Madhya Pradesh and Uttar Pradesh, along with leased limestone mines. Its investments extend into subsidiaries including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.
The acquisition marks a major milestone in Vedanta’s expansion strategy and underscores the intensifying competition between corporate heavyweights in India’s insolvency resolution landscape.
