Vedanta outbids Adani to acquire debt-laden Jaiprakash Associates for ₹17,000 crore

THEBUSINESSBYTES BUREAU

NEW DELHI, SEPTEMBER 5, 2025

Mining conglomerate Vedanta has emerged as the winner in the race to acquire debt-laden Jaiprakash Associates Ltd (JAL), beating Gautam Adani’s group with a binding offer of ₹17,000 crore. Sources said Vedanta’s bid, translating into a net present value (NPV) of ₹12,505 crore, secured the backing of lenders after a keenly contested challenge process held on Friday.

JAL, with sprawling interests in cement, real estate, power, hotels, and roads, was dragged into insolvency proceedings after defaulting on loan repayments. Financial creditors have claimed dues of over ₹57,185 crore, making it one of the largest corporate insolvency cases in recent years. The National Asset Reconstruction Company Ltd (NARCL), which acquired JAL’s stressed loans from a consortium led by the State Bank of India, is the single largest claimant.

The insolvency process, initiated by the National Company Law Tribunal (NCLT) Allahabad Bench on June 3, 2024, saw multiple players in contention, including Adani Group, Dalmia Bharat, Jindal Power, and PNC Infratech. However, the final stage of bidding narrowed down to Vedanta and Adani, with Vedanta ultimately securing the deal with its higher offer.

JAL’s portfolio includes marquee real estate projects such as Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida, and the ambitious Jaypee International Sports City near the upcoming Jewar International Airport. The group also owns three office spaces in the Delhi-NCR region and operates five hotels across Delhi-NCR, Mussoorie, and Agra.

In the cement sector, JAL has four plants in Madhya Pradesh and Uttar Pradesh, supported by leased limestone mines in Madhya Pradesh, though the plants are currently non-operational. Its subsidiaries include Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd, among others.

The successful acquisition marks a significant step for Vedanta in expanding its diversified business footprint while providing lenders with a resolution to one of the country’s largest stressed assets. The Committee of Creditors (CoC) is expected to formally approve the bid, paving the way for the NCLT to give its final nod in the coming months.