Vedanta Group Emerges Highest Bidder For Jaiprakash Associates

In the bidding process for Jaiprakash Associates Ltd., Vedanta Group has likely been selected the highest bidder, two people in the know confirmed. 

The bid is worth over Rs 17,000 crore, with a net present value of over Rs 12,500 crore, the people quoted above said. The net present value of a bid takes into account the time value of money, as deals for distressed assets have longer repayment schedules.

NDTV Profit has reached out to Vedanta, seeking its official response on the newsbreak. This article will be updated upon receiving the company's response.

A committee of creditors led by National Asset Reconstruction Company Ltd. met on Friday to review final offers by five bidders. The other bidders include Adani Group, PNC Infratech, Jindal Group and Dalmia Bharat, the people quoted above said. 

A query mailed to Vedanta Group did not immediately yield a response. Jaiprakash Associates is the flagship company of the Jaypee Group which owes nearly Rs 57,000 crore to lenders. 

The company owns assets across cement, power, real estate and hospitality sectors in Delhi NCR and Uttar Pradesh.

The bidding process started earlier this year. Other lenders to Jaiprakash Associates include Punjab National Bank, ICICI Bank and IDBI Bank.

(This is a developing story)