New Delhi: Reliable sources have revealed that Adani Enterprises Limited is likely to emerge as the successful bidder for Jaiprakash Associates Limited (JAL) through the insolvency resolution process.
While Vedanta had submitted a bid promising to make payments over five years, Adani’s offer — to complete payments within two years — is said to be more attractive.
In fact, during the auction held by JAL’s lenders in early September, Vedanta Group had initially led the race with a net present value (NPV) offer of ₹12,505 crore. After that, the lenders held discussions with Vedanta as well as other contenders — Adani Enterprises, Dalmia Cement (Bharat) Limited, Jindal Power Limited, and PNC Infratech Limited — urging them to improve their bids.
On October 14, all these companies submitted fresh resolution plans in sealed covers. The Committee of Creditors (CoC) of JAL met last week to discuss and evaluate the feasibility of these new proposals.
Following the evaluation, Adani Enterprises’ resolution plan reportedly received the highest score, followed by Dalmia Cement (Bharat) and Vedanta Limited.
The CoC is expected to put the resolution plan to a vote within the next two weeks. Given Adani Group’s proposal to repay lenders within two years, it is considered the frontrunner to be selected as the successful bidder.
Jaiprakash Associates Limited (JAL) operates in multiple sectors including real estate, cement, power, hotels, and highways.