Vedanta Secures Jaiprakash Associates in Landmark Deal
Vedanta Ltd has emerged as the winning bidder for Jaiprakash Associates Ltd (JAL), offering Rs 4,000 crore post-NCLT approval and the balance over 5-6 years. The bid, valued at Rs 12,505 crore, prevails over Adani Group during the CIRP auction. Vedanta aims to synergize with JAL's assets.
- Country:
- India
In a high-stakes auction, Vedanta Ltd outbid Adani Group to secure Jaiprakash Associates Ltd (JAL) with an offer valued at Rs 12,505 crore. This significant financial maneuver involves an initial Rs 4,000 crore payment post-NCLT approval, with the remaining balance settled over five to six years.
The auction was part of JAL's corporate insolvency resolution process, with Vedanta emerging as the leading bidder among competitors. JAL, which has a considerable debt burden, operates across diverse sectors including real estate, cement, and power.
Vedanta plans to leverage synergies with JAL's assets, notably enhancing their presence in power, real estate, and leveraging limestone and coal resources. The acquisition aligns with Vedanta's strategic expansion in multiple sectors.
- READ MORE ON:
- Vedanta
- Jaiprakash Associates
- JAL
- CIRP
- NCLT
- Adani Group
- bid
- auction
- synergies
- real estate
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