Vedanta beats Adani Group with Rs 17,000 cr bid to acquire JAL
Vedanta beats Adani Group with Rs 17,000 cr bid to acquire JAL
NEW DELHI: (Sep 5) 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 Rs 17,000 crore, according to sources.
The bid value translates into Jaiprakash Associates' net present value of Rs 12,505 crore.
JAL, which has interests in real estate, cement, power, hotels and roads, has been dragged into insolvency proceedings after it defaulted on payment of loans.
