vote on Vedanta, Adani bids for bankrupt Jaiprakash Associates

Vedanta has offered Rs 17,000 crore for Jaiprakash Associates' assets, edging Adani's bid, as lenders prepare to vote on revised resolution plans in the insolvency process

The Committee of Creditors (CoC) of Jaiprakash Associates (JAL) is expected to vote on the revised resolution plans of bidders in the coming days after Vedanta Ltd emerged the highest bidder for the bankrupt company in an auction conducted on Friday.

 

Vedanta has offered ₹17,000 crore (around $2 billion) for JAL’s portfolio. This includes 4,000 acres of land in the Delhi-NCR region, a stake in a 2,200 megawatt (Mw) power plant, a 10 million tonne cement facility, a urea plant, five hotels and engineering, procurement, and construction (EPC) operations.

 

While Vedanta has offered a net present value (NPV) of ₹12,505 crore to the lenders, Adani has offered ₹12,005 crore.

 

  

The other bidders in the fray are Adani Group, Dalmia Group, Jindal Steel & Power Ltd (JSPL), and PNC Infratech.

 

Among the bidders, Adani and Dalmia have already received approval from the Competition Commission of India (CCI), while the proposals by Jindal Power and PNC Infratech are under review. Vedanta is yet to seek CCI clearance.