Adani Enterprises likely to pip Vedanta to emerge highest bidder for Jaiprakash Associates

Core Insights - Vedanta Group emerged as the highest bidder for Jaiprakash Associates Ltd (JAL) with a net present value (NPV) offer of Rs 12,505 crore in early September, surpassing Adani Group [1][11] - The committee of creditors (CoC) is evaluating new resolution plans submitted by five bidders, with Adani Enterprises' plan being favored for its quicker payment timeline [5][11] - JAL is undergoing insolvency proceedings due to a default on loan payments, with financial creditors claiming around Rs 60,000 crore [7][11] Bidder Evaluation - Five bidders, including Adani Enterprises, Dalmia Cement, and Vedanta Group, submitted revised resolution plans on October 14 [2][11] - The CoC assessed these plans based on an evaluation matrix, scoring Adani's plan as the highest, followed by Dalmia Cement and Vedanta [5][11] - Adani Group proposes to pay lenders within two years, while Vedanta's payment structure extends over five years [5][11] Company Background - JAL has diverse business interests, including real estate, cement manufacturing, hospitality, and engineering & construction [6][11] - The company has significant real estate projects, such as Jaypee Greens and Jaypee International Sports City, and operates four cement plants, which are currently non-operational [8][9][11] - JAL's financial distress has affected its operations, including major projects like the Pakal Dul Dam and Srisailam Canal [10][11]