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…