Adani Proposal Offers ₹6,005 Crore Upfront; Vedanta’s Upfront Offer Lagged at ₹3,800 Crore

The Committee of Creditors has given its approval to the Adani Group, which bid lower than the highest bidder, to take over bankrupt Jaiprakash Associates. AEL is an Adani Group company that emerged victorious in the bid with ₹14,535 crore, leaving Vedanta and Dalmia Cement (India) behind in the race. AEL said in a filing to stock exchanges that Jaiprakash (JP) Associates Ltd has been acquired because it is undergoing a corporate insolvency resolution process. The committee of creditors of Adani Enterprises (JAL) has approved the resolution plan submitted by Adani Enterprises.

AEL received the most votes from lenders at 89%, followed by Dalmia Cement and Vedanta Group. With its bid price not disclosed, AEL said in a statement that it had received a letter of intent (LOI) from the RP on November 19, 2025.

Sources said lenders preferred the Adani Group's bid because it offered a significantly higher upfront payment than competing proposals. The group proposed a total plan value (TPV) of ₹14,535 crore, consisting of ₹6,005 crore upfront and ₹6,726 crore over two years. In terms of net present value, this proposal amounts to approximately ₹12,000 crore. Vedanta, meanwhile, offered an upfront payment of ₹3,800 crore and deferred payments of ₹12,400 crore over five years. This brings its total plan value to ₹16,726 crore.