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Bond Market News
Adani Set to Outbid Vedanta for Jaiprakash Associates; Vedanta Plans to Set Up US Subsidiary
November 10, 2025
Adani Enterprises is poised to become the highest bidder for Jaiprakash Associates Ltd (JAL) under the insolvency process, after its proposal to repay lenders within two years was judged superior to Vedanta Group’s five-year payment plan, according to sources. Initially, Vedanta had led the bidding with an offer valued at INR 125.1bn ($1.4bn) during the September auction conducted by lenders. However, after further negotiations and submission of revised resolution plans, Adani’s proposal scored the highest. The Committee of Creditors (CoC) is expected to vote on Adani’s plan within two weeks. JAL, which was admitted into insolvency in June 2024, owes around INR 600bn ($6.8bn) to creditors. Sources said that the creditor committe is likely to approve Adani Enterprises’ bid for a resolution and turnaround.
Separately, Vedanta Resources has unveiled plans to establish a US based subsidiary, CopperTech Metals Inc., which will own and operate its Konkola Copper Mines (KCM) in Zambia. The move comes as the Trump administration seeks to strengthen domestic mining and reduce reliance on copper imports. Vedanta aims to raise $1.5bn to expand KCM’s operations and enhance production through AI-driven exploration and extraction technologies, building on its existing $3bn investment. Vedanta said the initiative will help “boost America’s copper independence” amid rising global demand, expected to grow over 40% by 2040 due to data centers, electric vehicles, and grid modernization. CopperTech will leverage the $10bn US-backed Lobito Corridor project, linking Zambia’s Copperbelt to Angola’s Atlantic coast, to improve logistics for US industrial and technology markets.
Bonds of Adani and Vedanta were stable. For instance Adani’s 4.2% 2027s traded at 98.7, yielding 5% and Vedanta’s 11.25% 2031s were at 105.7, yielding 9.96%.
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