Vedanta outbids Adani with ₹17,000 crore to acquire Jaiprakash Associates: Sources

The Vedanta Group emerged as the top bidder for debt-ridden Jaiprakash Associates in an open challenge round on Friday, September 5, people in the know told CNBC-TV18.

It outbid the Adani Group with a total offer of ₹17,000 crore or ₹12,505 crore in net present value (NPV) terms, the sources added.

The other suitors Dalmia Bharat Group, Jindal Power and PNC Infratech did not submit their bids in the final round.

The lenders have sought assurance from the suitors that an additional sum would be paid if the YEIDA land dispute is resolved in the company’s favour, sources said.
The lenders concluded the open challenge round on Friday.

The reserve price of the open challenge round was set at ₹12,000 crore, sources said.

Jaiprakash Associates is facing claims of ₹59,000 crore under the IBC from various creditors led by NARCL.

Jaiprakash Associates, a flagship entity of the Jaypee Group, holds diversified assets across real estate, cement manufacturing, hospitality, and engineering & construction. However, financial distress has plagued the conglomerate, with creditors making claims totalling a staggering ₹57,185 crores under the IBC.

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 (SBI), as CNBC-TV18 had earlier reported.