India: Adani-led Adani Enterprises has reportedly beaten Vedanta in the race to take over the debt-laden Jaiprakash Associates, despite Vedanta placing the highest overall bid in an electronic auction, according to local media.
Jaiprakash Associates is the flagship arm of the Jaypee Group, with interests across cement production, power generation, engineering, hospitality, real estate and sports infrastructure. Its creditors unanimously voted in favour of Gautam Adani-led Adani Enterprises’ resolution plan, as it proposed higher upfront payments. Despite voting for Adani’s plan, some creditors did question the pre-bidding process, which reportedly gave Adani a perfect 100% score across a range of factors to assess its suitability.