Vedanta Was Declared Highest Bidder For Jaiprakash Associates, Outcome Later Reversed: Anil Agarwal

Last Updated:March 29, 2026, 16:08 IST

‘After some days, the decision was changed. Don’t want to go into the details. That is for the right forum,’ says Anil Agarwal, chairman of Vedanta Resources.

Anil Agarwal. (File Photo)

Anil Agarwal, chairman of Vedanta Resources Limited, on Sunday said the company had been declared the highest bidder for Jaiprakash Associates Ltd (JAL), but the outcome of the insolvency process was subsequently altered.

In a post on X, Agarwal said the bidding process was conducted through a public auction by the committee of creditors (CoC) under the Insolvency and Bankruptcy Code (IBC), with multiple participants initially in the fray.

According to him, after other bidders exited, Vedanta emerged as the highest bidder.

“Finally, we were declared the highest bidder publicly. It was a transparent process. We were informed in writing that we had won,” he said.

He added that the outcome was later changed. “After some days, the decision was changed. Don’t want to go into the details. That is for the right forum.”

Links episode to Jaiprakash Gaur interaction

Agarwal said the development reminded him of an earlier interaction with Jaiprakash Gaur, who had approached him years ago regarding the future of the Jaypee business.

“His only wish was simple: that what he had built should go into safe hands and be taken forward with the right intent,” Agarwal said, adding that Vedanta did not proceed at the time but revisited the opportunity once the asset entered insolvency.

‘Will act without attachment’

Invoking teachings from the Bhagavad Gita, Agarwal said Vedanta would pursue the matter without attachment.

“When something is promised in dharma, it should not be taken back,” he said, adding that the group would “place the facts in the right way” and follow due process.

Adani bid approved by NCLT

The statement comes after Vedanta challenged the approval of a rival bid by Adani Enterprises Ltd.

The National Company Law Tribunal (NCLT), in its Allahabad bench order dated March 17, approved Adani Enterprises as the successful resolution applicant for JAL.

Vedanta has since moved the National Company Law Appellate Tribunal (NCLAT) against the decision.

Higher bid vs faster payout

Adani Enterprises’ Rs 14,535 crore resolution plan had secured approval from the CoC in November 2025.

The process had attracted multiple bidders, including Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power and PNC Infratech.

While Vedanta is understood to have submitted a higher bid of around Rs 16,000 crore, lenders preferred Adani’s proposal, citing a higher upfront cash component — over Rs 6,000 crore — and a shorter payout timeline.

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