Lenders Tell Vedanta, Adani to Rework Jaiprakash Bids and Clarify Funding

As per the news reports, Lenders to Jaiprakash Associates Ltd (JAL) have asked bidders, including Vedanta and the Adani Group, to submit revised proposals by Thursday. They have also asked for clear details on how the purchase will be financed. JAL, once active in cement, construction and real estate, is under bankruptcy proceedings.

Vedanta’s Initial Lead

As per the news reports, in the earlier online auction, Vedanta offered ₹12,505 crore for JAL’s assets. This was around ₹250 crore higher than Adani’s bid. The close margin has set the stage for another round of competitive offers. Other interested players may also bring improved terms.

The call for clarity on funding followed questions raised by US-based Viceroy Research about Vedanta’s financial strength and liquidity. Lenders want bidders to show how they will secure funds to complete the deal before considering the final outcome.

Adani Expected to Raise Bid

The Adani Group is likely to return with a stronger proposal. JAL, based in Noida, went into insolvency after defaulting on loans of about ₹59,000 crore. Its assets cover cement plants, real estate projects, and engineering businesses.

Operational Challenges

As per the news reports, JAL’s divisions have been struggling. The construction arm’s return on assets fell to 0.6% in 2025, compared with a 5-year average of 2.5%. The cement division is operating at just 5% capacity in FY25, down sharply from 24% four years ago. The real estate division, including Jaypee Greens Sports City, has absorbed ₹19,716 crore of investment, with about ₹16,000 crore stranded.

Read More: Jaiprakash Associates Bidders to Join ₹12,000 Crore Challenge Auction!

Conclusion

Lenders will weigh both the revised bid amounts and proof of funding before moving ahead. The next round of offers will decide who takes control of JAL.

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