Mining major Vedanta has emerged as the successful bidder for debt-laden Jaiprakash Associates (JAL), edging out Adani Group with an offer worth Rs 17,000 crore. Sources said the bid, which translates into a net present value of Rs 12,505 crore, was finalised after a challenge process conducted by JAL’s committee of creditors (CoC) on September 5.
The Gautam Adani-led group was the only other contender to submit a binding offer. Email queries sent to Vedanta remained unanswered till the time of going to the press.
JAL, with interests in real estate, cement, power, hospitality and infrastructure, was admitted to corporate insolvency proceedings by the Allahabad bench of the National Company Law Tribunal (NCLT) in June 2024. Its financial creditors have filed claims of Rs 57,185 crore, with the National Asset Reconstruction Company (NARCL) now the largest claimant. NARCL acquired loans from a consortium of lenders led by State Bank of India in March 2025, making it central to the resolution.
The winning bid by the Anil Agrawal-led company concludes one of the longest insolvency cases. At least 25 entities had initially submitted expressions of interest, including Dalmia Bharat, Jindal Power and PNC Infratech. However, only Vedanta and Adani placed binding bids.
Long and winding road to resolution
JAL’s debt troubles stretch back nearly a decade. It was among the first 12 large defaulters identified by the Reserve Bank of India under the Insolvency and Bankruptcy Code in 2017. But litigation and lack of consensus among creditors stalled resolution. Fresh momentum came in 2024 when ICICI Bank filed a new insolvency petition, leading to admission by the NCLT.
In April 2025, NARCL proposed a Rs 12,000-crore settlement, a mix of cash and government-backed receipts. The tribunal set it aside, ruling that bids must be invited for JAL as a whole rather than in parts. That opened the way for the final contest between Vedanta and Adani.
JAL’s asset base was a key draw. It owns real estate projects such as Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida and the Jaypee International Sports City near the upcoming Jewar airport. The company also holds three commercial office assets in Delhi-NCR, five hotels across Delhi NCR, Mussoorie and Agra, and non-operational cement plants in Uttar Pradesh and Madhya Pradesh.
According to JAL’s regulatory filings, the company had transferred loans worth Rs 55,493.43 crore to NARCL in March 2025. With these claims, NARCL became the largest voting member in the CoC and played a decisive role in the challenge process.
What the acquisition means for Vedanta and the sector
If Vedanta finally acquires JAL, it would add a new business vertical to the group, which has operations spanning metals, mining, power and oil and gas. It would also mark a rare instance of a mining and resources company acquiring a diversified infrastructure and real estate player through the insolvency route.