Vedanta offers Rs 4K cr upfront payment

New Delhi: Mining conglomerate Vedanta Ltd in its winning bid for debt-laden Jaiprakash Associates Ltd (JAIL) has offered Rs4,000 crore payment post approval by NCLT and the balance amount over the next 5-6 years, sources said.

Vedanta beat Adani Group with a bid whose net present value comes to Rs12,505 crore in an auction carried out by lenders to find suitors for JAL, whose interests span real estate, cement, power, hotels and roads. JAL is undergoing CIRP under the IBC process and the Resolution Professional invited Resolution Plans on June 24. As a part of the same process, a challenge process was conducted among the five bidders (Vedanta, Adani, Dalmia, Jindal Power and PNC Infratech), wherein Vedanta emerged as the H1 bidder at the NPV value of Rs12,505 crore.

Sources said Vedanta was identified as the H1 bidder for Jaiprakash Associates Limited (JAL) by the NARCIL-led Committee of Creditors (CoC). "The entire pay-out is expected to be made in a staggered manner, wherein the first part of the payment is expected to be around Rs4,000 crore, which will be post NCLT approval.