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Bond Market News
Vedanta Emerges as Highest Bidder for JP Associates
September 8, 2025
Vedanta Limited has offered INR 40bn ($450mn) upfront and the balance over five to six years in its INR 170bn ($1.93bn) bid (net present value of INR 125bn ($1.42bn)) to acquire bankrupt company Jaiprakash Associates Ltd (JAL), outbidding Adani Group in a challenge auction. Despite being the highest recovery plan yet for JAL, lenders with admitted claims of over INR 590bn ($6.69bn) face a 71% haircut. The creditors committee named Vedanta as the top bidder, subject to approval and clearance. The acquisition would mark Vedanta’s entry into cement and infrastructure, expanding beyond mining, oil, and metals, with JAL’s assets spanning cement plants, power projects, real estate ventures, and land banks. The creditors committee has also sought commitments for extra compensation if JAL wins its ongoing land dispute with Yamuna Expressway Industrial Development Authority (YEIDA), currently before the Supreme Court. The deal could significantly reshape Vedanta’s portfolio through diversification into housing, cement, and infrastructure. Earlier the company faced a setback due to a delay in its demerger hearing.
Vedanta’s bonds were broadly stable with its 11.25% 2031s at 105.5, yielding 10.03%.
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