Vedanta Group, led by industrialist Anil Agarwal, has outbid the Adani Group with a ₹17,000 crore offer for debt-ridden Jaiprakash Associates Ltd (JAL), whose assets include land tied to the Yamuna Expressway project. The decision, made in the final challenger round on September 5, could mark a turning point in one of India’s largest insolvency proceedings.
Vedanta Surpasses Adani in Final Bidding
Vedanta submitted a bid with a net present value (NPV) of ₹12,505 crore, topping Adani’s proposal, according to Business Standard. The offer, however, recovers less than one-third of the ₹57,000 crore claims lodged by creditors.
A senior banker involved in the process told ET Now: “This is the highest recovery offer creditors have seen so far, but important conditions remain unresolved.”
The most pressing issue relates to disputed land parcels with the Yamuna Expressway Industrial Development Authority (YEIDA), which are currently the subject of a Supreme Court case. Lenders have demanded that Vedanta provide assurances if the land is restored in JAL’s favour.
Adani’s Earlier Approval and Withdrawal
On 26 August, the Competition Commission of India (CCI) cleared Adani Enterprises and Adani Infrastructure’s plan to acquire Jaiprakash Associates. Regulatory approval gave Adani an early advantage, but its lower bid fell short against Vedanta’s final offer.
Industry observers note that Adani’s decision not to match Vedanta’s last bid signals a strategic withdrawal rather than a regulatory setback.
Broader Context: The Battle for JAL
Debt Overhang
Jaiprakash Associates, once a prominent infrastructure developer, has been struggling with over ₹57,000 crore in debt for years. Multiple attempts at restructuring failed, leading to insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).
Competing Bidders
In June 2025, five companies submitted resolution plans, including Vedanta, Adani, Dalmia Bharat, Jindal Power, and PNC Infratech. By September, the race had narrowed to Vedanta and Adani, with Vedanta emerging as the preferred bidder after the challenger round.
Expert Views
Dr. Ritu Kumar, an economist at the Centre for Policy Research, said: “This outcome underscores the intensity of competition for distressed assets in India. Vedanta’s win strengthens its position in infrastructure, but unresolved legal challenges may delay execution.”
The Yamuna Expressway Dispute
At the heart of the case is land near the Yamuna Expressway in Uttar Pradesh, originally allotted to Jaiprakash Associates. YEIDA later cancelled the allotment, prompting litigation. The Supreme Court is yet to rule, leaving uncertainty over asset ownership.
Lenders insist that Vedanta must agree to share any upside benefit if the land is restored to JAL. Analysts caution that without clarity on this issue, the deal could face fresh delays.
What Happens Next?
Vedanta must now seek approval from the Competition Commission of India, a step Adani has already completed. Creditors will also review Vedanta’s proposed assurances on the YEIDA land.
Legal experts believe that Supreme Court proceedings could influence the timing of asset transfer. “The bid outcome is only one part of the story; execution will depend on how the land dispute is resolved,” said advocate Rajesh Menon, who specialises in insolvency law.
Conclusion
Vedanta’s victory in the final challenger round marks a significant step in resolving Jaiprakash Associates’ long-running insolvency. Yet the unresolved Yamuna Expressway land dispute and regulatory approvals mean the road ahead remains complex. For creditors, Vedanta’s ₹17,000 crore offer promises the highest recovery so far, but not without risk.
