Vedanta emerges top bidder at auction for Jaiprakash Associates

Vedanta Ltd has emerged as the successful bidder (H1) bid for Jaiprakash Associates Ltd (JAL) with an offer of ₹12,505 crore net present value (NPV) in a challenge auction held online today. Adani Enterprises was the other bidder at the auction whose results were announced by around 7 PM.

While there is no official statement from the company about winning the bid as it has yet to inform the stock exchanges, sources said the company will inform the Competition Commission of India next week.

JAL’s insolvency resolution process was underway through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024, after the conglomerate defaulted on payment of loans which, as per creditors estimates, is over ₹57,000 crore. The constitution of Committee of Creditors (CoC) stands changed after assignment of loans by certain Banks to the National Asset Reconstruction Company in March 2025.

Besides Adani, the Anil Agarwal-owned conglomerate outbid Dalmia Bharat , Jindal Steel & Power , and PNC Infratech , in a process that mandated an increase of ₹250 crore per round, with a floor value of ₹12,000 crore NPV.

In a disclosure to the stock exchange last month, the company said the Committee of Creditors has approved several resolutions at its 19th meeting held on August 22, 2025. Besides approving a challenge process among resolution applicants, the meeting also cleared extension of project management consultancy agreements with Jaypee Infra Ventures for key hydropower projects including Teesta V, Teesta VI and Pakal Dul. The CoC also ratified costs for security audits and additional fees for tax consultancy, all to be treated as part of the insolvency resolution process costs

JAL assets include real estate projects such as Jaypee Greens and Wishtown in Noida, non-operational cement plants, hospitality properties, and investments in subsidiaries such as Jaiprakash Power Ventures.

Incidentally, Vedanta is demerging into five separate listed entities, however, the finalisation has been delayed due to pending regulatory approvals, including from the NCLT and government authorities.

The company claims that the demerger will unlock value for shareholders and allow them to invest in specific sectors based on their preferences. For every one share of Vedanta held, shareholders will receive one share in each of the four newly listed companies (excluding the parent entity) upon completion of the demerger.

Vedanta, a subsidiary of the UK-based Vedanta Resources, operates across multiple sectors such as oil and gas, commodities (zinc, lead, silver, copper, iron ore, steel, aluminium) and power.

Early this year, Vedanta Resources had appointed Deshnee Naidoo as its first Chief Executive Officer and in the Q1 FY26 earnings call of Vedanta Ltd, Naidoo, had told analysts that she expects the demerger to come through by September-October.