Mining conglomerate Vedanta beat Gautam Adani’s Group to make a winning bid for the acquisition of debt-ridden Jaiprakash Associates (JAL) for ₹17,000 crore, PTI reported citing sources. The bid value translates into Jaiprakash Associates’ net present value (NPV) of ₹12,505 crore.
Jaiprakash Associates, which has interests in real estate, cement, power, hotels and roads, was dragged into insolvency proceedings after defaulting on loan repayments.
Its lenders conducted a challenge process for the sale under the Insolvency and Bankruptcy Code (IBC). Multiple bidders participated, but firm offers eventually came only from Adani Group and Vedanta. Vedanta’s winning bid of ₹17,000 crore, with an NPV of ₹12,505 crore, edged…