Vedanta Group has emerged victorious in the challenge auction held on September 5, 2025, submitting a ₹17,000 crore bid to acquire indebted Jaiprakash Associates Ltd (JAL), surpassing the competing offer from the Adani Group. This bid corresponds to a net present value (NPV) of approximately ₹12,505 crore.
The Corporate Insolvency Resolution Process (CIRP) for JAL, which has interests across cement, real estate, power, hospitality, and roads, was initiated after the company defaulted on loan repayments. Its total outstanding dues from financial creditors exceed ₹57,000 crore, with the National Asset Reconstruction Company Ltd (NARCL) as a primary claimant after taking over stressed loans from a consortium led by the State Bank of India.
Vedanta and Adani were the only bidders to submit firm offers in the final round of the challenge process. Other interested firms like Dalmia Bharat, Jindal Power, and PNC Infratech had earlier shown interest but did not participate in the final bidding.
This acquisition aligns with Vedanta’s strategy to expand its footprint beyond mining into infrastructure and housing, potentially breathing new life into JAL’s extensive but distressed asset base.
