Vedanta Seeks CCI Approval for ₹17,000 Crore Jaiprakash Associates Bid

Vedanta, the mining conglomerate led by Anil Agarwal, has approached the Competition Commission of India (CCI) for approval of its bid to acquire the bankrupt real estate group, Jaiprakash Associates (JAL). The application comes days after the company won the challenge process under the insolvency resolution.

Vedanta has reportedly offered ₹17,000 crore for JAL, which has interests spanning real estate, cement, hospitality, engineering, procurement, and construction. The proposal includes ₹3,800 crore upfront and ₹2,500–3,000 crore annually over the next five years, taking the net present value of the offer to ₹12,505 crore.

In its submission to CCI, Vedanta stated that its proposal “is not likely to cause any appreciable adverse effect on competition in India.” This is a crucial step in the acquisition process, as the Supreme Court has ruled that under the provisions of the Insolvency and Bankruptcy Code (IBC), competition clearance is mandatory before the submission of a resolution plan.

Before Vedanta, Adani Group and Dalmia Bharat had also sought CCI approval for their bids for JAL. However, neither of those bids progressed. Earlier this year, as many as 25 companies had shown interest in acquiring JAL’s stressed assets. By June, only five bids were submitted—by Adani Enterprises, Dalmia Bharat Cement, Vedanta Group, Jindal Power, and PNC Infratech.

Except for Adani, the bids were conditional. The companies had linked higher valuations to JAL’s prized asset, the Jaypee International Sports City, located near the upcoming Jewar International Airport. However, the land, allocated by the Yamuna Expressway Industrial Development Authority (YEIDA), was later withdrawn over environmental concerns. The matter is now before the Supreme Court.

To maximize value, JAL’s Committee of Creditors (CoC) decided to conduct a challenge process, where only Adani and Vedanta participated. Vedanta eventually emerged as the top bidder, outpacing Gautam Adani’s port-to-power conglomerate. This acquisition, if approved, could significantly bolster Vedanta's portfolio in the real estate and construction sectors, aligning with its broader strategy to diversify and expand its business interests in India.