CORPORATE
Vedanta beats Adani to acquire debt-ridden JAL at an NPV of Rs 12,505 crore
- IBJ Bureau
- Sep 06, 2025
Mining conglomerate Vedanta has beaten Gautam Adani’s business group to make a winning bid for the acquisition of debt-ridden Jaiprakash Associates (JAL) for net present value (NPV) of Rs 12,505 crore, according to sources.
JAL, which has interests in real estate, cement, power, hotels and roads, had been dragged into insolvency proceedings after it had defaulted on payment of loans.
Lenders of JAL had conducted a challenge process for sale of the company under the Insolvency and Bankruptcy Code.
Multiple bidders participated in the process, but in the end, firm bids were put in by only two companies – Adani Enterprises and Vedanta.
Vedanta eventually made a winning bid of Rs 17,000 crore, which translates into an NPV of Rs 12,505 crore, beating the Adani Group.
Financial creditors have claimed a staggering Rs 57,185 crore in unpaid dues.
The National Asset Reconstruction Company (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders, headed by the State Bank of India.
In April this year, as many as 25 companies had shown interest in acquiring JAL.
However, in June, JAL had announced that it had received five bids along with earnest money for acquisition of the company through insolvency process.
Adani Enterprises, Dalmia Bharat Cement, Vedanta Group, Jindal Power and PNC Infratech had submitted bids to acquire JAL.
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