Vedanta Outbids Adani to Buy JAL with ₹17K Cr Offer

With net present value of ₹12,505 crore, bid highest recovery plan placed so far

- Ruchika Chitravanshi & Dev Chatterjee

The Anil Agarwal-owned Vedanta group outbid the Adani conglomerate to emerge as the top bidder for bankrupt Jaiprakash Associates Ltd (JAL), offering ₹17,000 crore in a challenge auction conducted by lenders on Friday, according to people familiar with the matter.

The bid, with a net present value of ₹12,505 crore, is the highest recovery plan placed so far for the debt-laden company, the people said, asking not to be named as the information is not public. Lenders to Jaiprakash, who have admitted claims of over ₹59,000 crore, will still have to take a haircut of around 71 per cent under Vedanta's proposal.

The auction saw only Vedanta and Adani actively participate, even though other shortlisted suitors—Dalmia Bharat Group, Jindal Power and PNC Infratech—had qualified for the process. These companies chose not to submit bids in the final round, which began with a floor price of ₹12,000 crore. Subsequent bids were submitted over email, the people said.