The Competition Commission of India (CCI) on Tuesday approved Vedanta Limited’s proposed acquisition of debt-laden Jaiprakash Associates Limited (JAL), a major step in the company’s ₹17,000 crore bid under the Insolvency and Bankruptcy Code (IBC) process. The approval clears a crucial regulatory hurdle for Vedanta, which emerged as the top bidder in a competitive open challenge round held on September 5, outbidding the Adani Group.
Vedanta Tops Bidding Amid Intense Competition
As reported by CNBC-TV18, Vedanta’s total offer amounted to ₹17,000 crore, translating to ₹12,505 crore in net present value (NPV) terms. Other contenders, including Dalmia Bharat Group, Jindal Power, and PNC Infratech, did not submit final bids in the concluding round. The win positions Vedanta to acquire one of India’s prominent distressed assets under the IBC framework.
Pending YEIDA Land Dispute Adds Complexity
Lenders to Jaiprakash Associates have requested assurances that an additional payment would be made if the ongoing Yamuna Expressway Industrial Development Authority (YEIDA) land dispute is resolved in JAL’s favour. The matter is currently pending before the Supreme Court, following the Allahabad High Court’s cancellation of the land allotment in March 2025.
Jaiprakash Associates, the flagship company of the Jaypee Group, has faced mounting financial distress over the years. Creditors have lodged claims totalling around ₹59,000 crore, led by the National Asset Reconstruction Company Limited (NARCL), which acquired the group’s stressed loans from a consortium headed by the State Bank of India (SBI). The diversified conglomerate, once known for its presence across real estate, cement, hospitality, and infrastructure, has been under insolvency proceedings amid prolonged debt restructuring challenges.