Vedanta vs adani group: The mining sector giant Vedanta has surpassed Gautam Adani’s Adani Group. Vedanta has put a winning bid of ₹ 17000 crore for the debt -ridden Jayiprakash Associates. News agency PTI has given this information to sources. According to Vedanta’s bid value, the net present value of Jayaprakash Associates is coming ₹ 12,505 crore. This company working on real estate, cement, power, hotels and roads went into the bankrupt process due to not being able to pay the loan, Vedanta has defeated Adani Group in the bid.
Only Vedanta and Adani Group bid firm
Lenders who lended to Jayaprakash Associates started the auction process for its sale under the IBC (Insolvency and Bankruptcy Code). The meeting of the Committee of Creditors (COC) of Jayaprakash Associates was held on 5 September regarding this auction process. However, in the last, only two- Vedanta and Adani Group made a firm bid. According to sources, Vedanta imposed a wind bid of ₹ 17000 crore, causing Jayaprakash Associate’s Net Present Value ₹ 12,505 crore and through this bid, Vedanta overtook Adani Group. However, to buy it, Adani Group, Dalmia Bharat, Vedanta Group, Jindal Power and PNC Infratech presented the initial bid.
₹ 57,185 crore outstanding on Jaiprakash Associates
Financial Creditors have claimed a huge ₹ 57,185 crore on Jayaprakash Associates. The National Asset Reconstruction Company Limited (NARCL) is at the forefront of the list of contenders after receiving its stressed loans from the consortium, led by SBI. Jayaprakash Associates was brought through the National Company Law Tribunal (NCLT), Allahabad through the order of 3 June 2024 through the Corporate Insolvency Resolution Process (CIRP).
It came under the insolvency process when it missed the loan. It has a major real estate projects like JP Greens in Greater Noida and JP International Sports City, near JP Greens in Greater Noida and JP International Sports City in Noida. It also has three commercial/industrial offices in Delhi-NCR, while its hotel division has five assets in Delhi-NCR, Mussoorie and Agra.
Apart from all this, the company has four cement plants in MP and UP and MP has some Limestone Mines leased. However, cement plants are not running yet. Apart from all this, there is also investment in some more companies including Jayaprakash Associates Subsides- Jayaprakash Power Ventures, Yamuna Expressway Tolting, Jayapi Infrastructure Development.