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Bond Market News
Vedanta Challenges Adani’s Bid to Acquire Jaiprakash Associates
March 30, 2026
Vedanta filed an appeal with the National Company Law Appellate Tribunal (NCLAT) challenging the recent approval of Adani Group’s INR 145.35bn ($1.6bn) bid to acquire the Jaiprakash Associates. Vedanta’s challenge follows the order by the NCLAT Allahabad bench earlier this month, which cleared Adani Enterprises’ resolution plan. Vedanta was among the top bidders for Jaiprakash Associates, but lost out after lenders approved Adani’s plan in November last year. Adani Enterprises emerged as the top bidder in the insolvency process. Vedanta claimed that it submitted the highest offer and a higher Net Present Value (NPV) compared to Adani. Vedanta argues that by selecting a lower-value bid, lenders failed to uphold the Insolvency and Bankruptcy Code (IBC) principle of asset value maximization. The Committee of Creditors (CoC) on the other hand, said the Adani plan secured 89% of the votes. Lenders preferred Adani’s bid due to its superior structure, offering INR 60bn ($640mn) in upfront cash and a faster payment timeline of two years, whereas Vedanta’s plan stretched payments over five years. Vedanta Chairman Anil Agarwal said that his company had received written confirmation of its winning bid during the insolvency proceedings. He added that Vedanta would pursue the matter through legal channels and follow due process.
Vedanta’s dollar bonds were trading slightly weaker, with its 9.85% 2033s down by 0.7 points at 102, yielding 9.4%.
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