Despite a Lower Bid, Gautam Adani Wins Jai Prakash Associates Deal; Anil Agarwal’s Vedanta Left Surprised

New Delhi: In a dramatic turn in India’s corporate world, Gautam Adani has emerged victorious in the race to acquire the bankrupt infrastructure giant Jaypee Group’s flagship company, Jaiprakash Associates Ltd. (JAL)—despite submitting a lower bid than Anil Agarwal’s Vedanta.

In a unanimous decision, the company’s creditors voted in favour of Adani Enterprises, citing more favourable prepayment and upfront payment terms, even though Vedanta had offered a higher total bid.

Vedanta Offered ₹17,000 Crore, Yet Adani Won

According to an ET report, Vedanta was the highest bidder in the e-auction held in September, offering ₹17,000 crore.
However, sources revealed that creditors preferred Adani Enterprises because the group promised a larger upfront payment, making its proposal financially more secure.

Interestingly, the Net Present Value (NPV) of Adani’s bid was nearly ₹500 crore lower than Vedanta’s bid.
(NPV represents the current value of money to be received in the future.)

Creditors’ Score Sheet Raises Eyebrows

A specially prepared score sheet by the Committee of Creditors (CoC) gave Adani Enterprises the highest score out of 100.
But some lenders questioned the scoring system, arguing that a higher financial bid should logically get preference.

The voting concluded late Tuesday night.

NARCL Is the Largest Creditor

The National Asset Reconstruction Company Ltd. (NARCL) remains JAL’s biggest creditor.
JAL reportedly owes creditors a massive ₹55,000 crore.

The insolvency process was admitted in June last year and is being handled by Deloitte-affiliated Resolution Professional Bhuvan Madan, who declined to comment to ET.

Five Major Players Initially in the Race

Initially, five companies submitted Resolution Plans:

• Adani Enterprises
• Vedanta
• Dalmia Bharat
• Jindal Power (Naveen Jindal)
• PNC Infratech

Dalmia Bharat was originally the top bidder but withdrew later due to certain conditions attached to its offer.

Promoters’ ₹18,000 Crore Offer Rejected

Earlier this month, ET had reported that Manoj Gaur, representing the Jaypee Group promoters, had offered a ₹18,000 crore settlement to rescue the company from bankruptcy.
However, creditors were not convinced about the financial backing behind the proposal and rejected it.

What’s at Stake? JAL’s Massive Business Portfolio

Jaiprakash Associates owns businesses across multiple sectors, including:

• Cement
• Power
• Engineering
• Hospitality
• Real Estate
• Sports Infrastructure

Its flagship Sports City project in Greater Noida spans nearly 1,000 hectares, making it one of the most ambitious private infrastructure developments in the region.