Vedanta Group has won the bid for acquisition of troubled business Jaiprakash Associates (JAL), with an offer of ₹17,000 crore, beating out the Adani Group, PTI reported on September 5, citing sources.
The mining conglomerate’s ₹17,000 crore comes as JAL is undergoing insolvency proceedings after it defaulted on payment of loans. The bid value translates into JAL’s net present value of ₹12,505 crore, the report added.
How did the process work?
Vedanta and Adani Groups’ bids came as lenders of JAL conducted a challenge process for the sale of the company under the IBC; and saw participation from multiple bidders. The Committee of Creditors (CoC) meeting was held on September 5 to conduct the challenge process.
In the end however,…