JAL, which has interests in cement, real estate, power, hotels, and roads, defaulted on loan repayments and entered insolvency. Lenders launched a challenge process to sell the debt-ridden company under the Insolvency and Bankruptcy Code (IBC).

In the final round, only Vedanta and Adani remained in the fray. Vedanta emerged as the winner with its strong offer. The Committee of Creditors (CoC) held a meeting on September 5 to complete the challenge process. Financial creditors of JAL have claimed dues of nearly ₹57,185 crore.

The National Asset Reconstruction Company Ltd (NARCL) leads the creditors’ consortium, which includes the State Bank of India. Earlier this year, over 25 companies had shown interest in acquiring JAL. However, by June, only a few serious bids came in, including those from Adani Enterprises, Dalmia Bharat Cement, Jindal Power, PNC Infratech, and Vedanta.

Vedanta’s win in the ₹17,000 crore JAL bid strengthens its presence in India’s cement and infrastructure sectors.

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