Vedanta Outbids Adani Group with ₹17,000 Cr Offer to Acquire Jaiprakash Associates
Vedanta Group has emerged victorious in the bid to acquire debt-ridden Jaiprakash Associates (JAL) for ₹17,000 crore, surpassing Adani Group. JAL, known for its interests in real estate, cement, power, hotels, and roads, entered insolvency proceedings after defaulting on loan payments.
VedantaAdani GroupJaiprakash AssociatesInsolvencyCorporate AcquisitionReal EstateSep 06, 2025
JAL, with its diverse interests in real estate, cement, power, hotels, and roads, entered insolvency proceedings after defaulting on loan payments. The company has been a significant player in various sectors, but financial distress led to its current insolvency status.
Lenders of JAL conducted a challenge process for the sale of the company under the Insolvency and Bankruptcy Code (IBC). Multiple bidders participated in the process, but in the end, firm bids were placed by only two entities: Adani Group and Vedanta Group. Vedanta eventually made the winning bid of ₹17,000 crore, which translated into the NPV of ₹12,505 crore, beating Adani Group.
The Committee of Creditors (CoC) meeting was held on September 5 to conduct the challenge process. Financial creditors have claimed a staggering ₹57,185 crore in unpaid dues. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India.
In April this year, as many as 25 companies showed interest in acquiring JAL. However, in June, JAL announced that it had received five bids along with earnest money for the acquisition of the company through the insolvency process. Adani Enterprises, Dalmia Bharat Cement, Vedanta Group, Jindal Power, and PNC Infratech had submitted bids to acquire JAL.
JAL was admitted to the corporate insolvency resolution process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024. The conglomerate was taken to insolvency proceedings after defaulting on the payment of loans. JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport.
It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.
Jaypee Group's another company Jaypee Infratech Ltd has already been acquired by Mumbai-based Suraksha Group through the insolvency process.
Frequently Asked Questions
What is the bid amount Vedanta Group offered for Jaiprakash Associates?
Vedanta Group offered ₹17,000 crore to acquire Jaiprakash Associates.
What is the net present value (NPV) of the bid for Jaiprakash Associates?
The net present value (NPV) of the bid for Jaiprakash Associates is ₹12,505 crore.
Why did Jaiprakash Associates enter insolvency proceedings?
Jaiprakash Associates entered insolvency proceedings after defaulting on loan payments, leading to financial distress.
Which other companies were interested in acquiring Jaiprakash Associates?
Adani Enterprises, Dalmia Bharat Cement, Vedanta Group, Jindal Power, and PNC Infratech showed interest in acquiring Jaiprakash Associates.
What are some of the major assets of Jaiprakash Associates?
Jaiprakash Associates has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City. It also has three commercial/industrial office spaces in Delhi-NCR and five hotel properties.
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