Mining conglomerate Vedanta on Friday beat Gautam Adani’s Group to make a winning bid for the acquisition of debt-ridden Jaiprakash Associates (JAL) for ₹17,000 crore, according to sources.
The bid value translates into Jaiprakash Associates’ net present value of ₹12,505 crore.
JAL, which has interests in real estate, cement, power, hotels and roads, has been dragged into insolvency proceedings after it defaulted on payment of loans.
Lenders of JAL conducted a challenge process for the sale of the company under the IBC.
Multiple bidders…