Jaiprakash Associates

Adani Enterprises was identified as the successful resolution applicant last year

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Adani group has won majority lenders' vote for take over of debt-laden Jaiprakash Associates as its Rs 14,535-crore acquisition proposal included a higher upfront payment than rival bidders, sources said. A Committee of Creditors voted on resolution plans (acquisition proposals) submitted by suitors including Adani Group, Vedanta Ltd and Dalmia Cement (Bharat). Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group, they added. The National Asset Reconstruction Company Ltd (NARCL) had the biggest say in the process as it controls about 86 per cent of the Committee of Creditors' (CoC) voting share. A small group of lenders, including State Bank of India and ICICI Bank - who together account for less than 3 per cent of CoC's votes - abstained from voting. Sources said lenders preferred Adani's plan primarily because it offered a significantly higher upfront payment compared to competing proposals. The ports-to-energy conglomerate

Creditors, mostly Indian banks, opted for Adani's bid over Vedanta's higher ₹17,000 crore offer because it included larger upfront payments preferred by stakeholders

Adani Enterprises Ltd is likely to emerge as the highest bidder to acquire Jaiprakash Associates Ltd (JAL) through insolvency process as its offers to pay acquisition amount in two years have been found better than Vedanta's bid to make payments in five years, sources said. In early September, mining conglomerate Vedanta Group had beaten Adani Group to emerge as the highest bidder, with an offer of Rs 12,505 crore as net present value (NPV), in an auction carried out by lenders to find suitors for JAL, whose interests span real estate, cement, power, hotels, and road. Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd did not bid in the auction process. Later, the lenders held negotiations with these five players to enhance the bid value and maximise realisation. On October 14, these five bidders submitted fresh signed resolution plans in sealed envelopes. According to sources, the committee of creditors (CoC) of JAL met last week to deliberate on these comprehens

Viceroy Research warns DIPAM that Vedanta's planned Jaiprakash Associates acquisition could strain Hindustan Zinc and BALCO, partly owned by the government

Vedanta's acquisition of debt-laden Jaiprakash Associates raises concerns about leverage, free cash flow pressures and exposure to volatile sectors

Vedanta shares fell 3 per cent after Nuvama raised "concerns" on the company emerging as the top bidder for bankrupt JAL

Vedanta has offered Rs 17,000 crore for Jaiprakash Associates' assets, edging Adani's bid, as lenders prepare to vote on revised resolution plans in the insolvency process

With this, the Anil Agarwal-owned mining conglomerate's bid carries a net present value of ₹12,505 crore in the auction conducted by lenders to find buyers for JAL

Lenders of Jaiprakash Associates have set Rs 12,000 crore as the minimum bid for a challenge auction on Friday, with five firms including Adani and Dalmia in contention

CCI approved Adani Enterprises' plan to acquire JAL under the insolvency process, even as rival bids from Dalmia, Vedanta, Jindal and PNC Infratech remain under review

Lenders of Jaiprakash Associates are considering a challenge mode bidding process with applicants including Adani, Vedanta, and Dalmia as creditors face Rs 59,000 crore in claims

Bidders have revised plans for Jaiprakash Associates after lender talks, but key legal hurdles remain as CoC weighs whether to renegotiate or hold a challenge round

The Competition Commission of India has approved Dalmia's plan to acquire JAL under insolvency resolution; Adani's proposal is still under review

Jaiprakash Infratech plans legal challenge after lenders reject its bid for Jaiprakash Associates citing EMD issues, threatening delay in the ₹57,000 crore resolution process

Jaiprakash Associates' creditors have instructed bidders to submit revised resolution plans without conditions and provide a definitive bid offer

With a cash payout of ₹3,500 crore, the Adani Group is leading the race to acquire Jaiprakash Associates. The offer also includes retaining ₹890 crore within the company after its acquisition

All five bids for Jaiprakash hinge on Supreme Court ruling over 1,000-hectare Yeida land; lenders prefer cash-heavy offers with Adani seen as current frontrunner

Rival bidder Dalmia group is also in the fray and is willing to top Adani's offer - provided a key legal hurdle related to JAL's Sports City project is resolved