Vedanta beats Adani for acquisition of JAL

New Delhi:Mining conglomerate Vedanta on Friday beat Gautam Adani's Group to make a winning bid for the acquisition of debt-ridden Jaiprakash Associates (JAL) for a net present value of Rs 12,505 crore, according to sources.

JAL, which has interests in real estate, cement, power, hotels and roads, had been dragged into insolvency proceedings after it defaulted on payment of loans.

Lenders of JAL conducted a challenge process for the sale of the company under the IBC.

Multiple bidders participated in the process, but in the end, firm bids were put in by only two firms -- Adani and Vedanta Group.

Vedanta eventually made a winning bid of Rs 17,000 crore, which translated into an NPV of Rs 12,505 crore, beating Adani Group.