Vedanta Group has emerged as the top bidder for debt-laden Jaiprakash Associates Ltd (JAL), offering INR125.1bn (US$1.5bn) in a challenge auction held on 5 September. The bid beat out rival offers from Adani Group, Dalmia Bharat, Jindal Steel & Power (JSPL), and PNC Infratech, according to sources close to the process.
The auction, overseen by JAL’s Committee of Creditors, was part of the company’s ongoing Corporate Insolvency Resolution Process. Creditors have claimed dues totaling INR571.85bn. The competitive auction began with a floor value of INR120bn, with bids required to increase by at least INR2.5bn per round.
JAL, a flagship of the Jaypee Group, entered insolvency in June 2024 after years of defaults. Its financial collapse highlights the strain of heavy debts accumulated from large-scale projects in real estate, infrastructure, and cement.
