Lenders chose Vedanta over Adani after a tight challenge process for debt-ridden JP Associates, with net present value pegged at ₹12,505 cr.
BY PC Bureau
New Delhi | September 5, 2025 — The Vedanta Group has emerged as the winning bidder for debt-laden Jaiprakash Associates Ltd (JAL), securing the acquisition with a ₹17,000 crore offer, according to sources cited by PTI. The mining conglomerate’s proposal outbid a rival offer from the Adani Group, marking a significant step in the resolution of one of India’s largest insolvency cases.
The Winning Bid
Vedanta’s ₹17,000 crore bid translates into a net present value (NPV) of ₹12,505 crore, edging out Adani Group during the final stages of the sale process. The bidding was conducted as part of a challenge mechanism under the Insolvency and Bankruptcy Code (IBC), with the Committee of Creditors (CoC) meeting on September 5 to oversee the proceedings.
READ: Here is All You Want to Know About MHA–Kuki-Zo Agreement
Although multiple bidders initially expressed interest, only Vedanta and Adani submitted firm bids. Vedanta’s superior offer ultimately secured the company.
Jaiprakash Associates, the flagship of the Jaypee Group, was dragged into insolvency after defaulting on massive debt obligations. Financial creditors have filed claims of nearly ₹57,185 crore, with the National Asset Reconstruction Company Ltd (NARCL) emerging as the largest claimant after it acquired stressed loans from a consortium led by the State Bank of India.
Vedanta beats Adani in bid for bankrupt Jaiprakash Associates, reports PTI. pic.twitter.com/x2CYH5XboA
— menaka doshi (@menakadoshi) September 5, 2025
The National Company Law Tribunal (NCLT), Allahabad Bench, admitted JAL into the corporate insolvency resolution process (CIRP) on June 3, 2024. Since then, lenders have been seeking a buyer capable of reviving the company’s value while recovering significant dues.
What Vedanta Gains
JAL brings with it an expansive portfolio of real estate and hospitality assets. Among its crown jewels are:
-
Jaypee Greens in Greater Noida and Wishtown in Noida, both strategically located near the national capital.
-
The ambitious Jaypee International Sports City, situated near the upcoming Noida International Airport at Jewar.
-
Three commercial/industrial office spaces in the Delhi-NCR region.
-
A hotel division with five operational properties spread across Delhi-NCR, Mussoorie, and Agra.
These assets, long considered underutilised due to the company’s financial troubles, are now expected to provide Vedanta with a strong foothold in the real estate and hospitality sectors.
READ: Tribal Voices Oppose Cultural Dance Show to Welcome PM Modi in Manipur Hills
For Vedanta, the acquisition marks a major diversification move, while for lenders, it represents a chance at partial recovery of their dues. However, the final approval of the resolution plan will rest with the NCLT, which must confirm compliance with IBC norms.
Industry observers say Vedanta’s entry could revive stalled projects, especially in the Delhi-NCR real estate market, and inject fresh momentum into the long-delayed Sports City near Jewar Airport.
Meanwhile, the Adani Group’s loss in this closely watched contest underscores intensifying competition among India’s corporate giants in snapping up stressed assets through the IBC route.
