Adani Enterprises may pip Vedanta as highest bidder to acquire JAL

NEW DELHI: Adani Enterprises is likely to emerge as the highest bidder to acquire Jaiprakash Associates Ltd (JAL) through insolvency process as its offers to pay acquisition amount in two years have been found better than Vedanta’s bid to make payments in five years, sources said.In early September, mining conglomerate Vedanta Group had beaten Adani Group to emerge as the highest bidder, with an offer of Rs 12,505 crore as net present value (NPV), in an auction carried out by lenders to find suitors for JAL, whose interests span real estate, cement, power, hotels, and road.Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd did not bid in the auction process.Later, the lenders held negotiations with these five players to enhance the bid value and maximise realisation.On Oct 14, these five bidders submitted fresh signed resolution plans in sealed envelopes. According to sources, the committee of creditors (CoC) of JAL met last week to deliberate on these comprehensive resolution plans and evaluate them for feasibility and viability.The CoC evaluated the resolution plans on the basis of evaluation matrix and then scored the resolution plan of Adani Enterprise Ltd as the highest, followed by Dalmia Cement (Bharat) and then Vedanta Ltd, they added.Now, the resolution plan could be put to vote by the CoC in the next two weeks, sources said. It is understood that the payments in Dalmia’s plans are contingent upon the Supreme Court’s judgement on the pending matter between the JAL and development authority YEIDA.