File photo: A bird flies along the Vedanta logo installed on the facade of the head office in Mumbai, India 31 January 2018. Reuters/Danish Siddiqui/File photo | Photocredit: Danish siddiqui
MijnMogul Anil Agarwal’s Vedanta Ltd looks at full control over Jaiprakash Power Ventures Ltd (JPVL), the profitable power-arm of debt-loaded Jaiprakash Associates Ltd (JAL).
The metal mine conglomerate is preparing for a possible auction for extra interests in JPVL, at a movement that could form the stage for what market observers describe as a potentially hostile takeover.
Lenders from Jaiprakash Power Ventures had previously approached a few bidders from Jaiprakash employees, including Adani, says sources. Some alternative investment funds for assets are also contrary.
Top bidder
Vedanta is the best bidder for JaiPrakash Associates, ravaged by debts. It originated H1 and tipped Adani, with his bid with a net present value of £ 12.505 crore. If the resolution plans continue, the conglomerate of the mining moghul would end a 24 percent interest in Jaiprakash Power.
Sources in the knowledge said that Vedanta is considering throwing his hat to offer or buy out around £ 3,800 crore of mandatory convertible preference shares (CCPs) issued by lenders of the Jaiprakash Power Ventures, where Icici Bank is the main banker. This would be convertible in equity, around 25 percent interest in the company.
Some bidders for Jaiprakash Associates told line That they do not want to participate in the CCPs, post the bod process of Friday.
In summary, the ring would be around 49 percent.
The CCPs at conversion can offer the winning bidder a 25 percent interest in JP Power. The conversion will cause an open offer for another 26 percent interest in the company, according to the guidelines of the Sebi.
“Yes, Vedanta evaluates bidding on the CCPs; but nothing has been completed,” said a source.
A banker, to ask anonymity, said that some discussions about the CCPs and bids could take next week.
“With the power, cement and real estate of Jaiprakash Associate, the acquisition can be the possibility of Vedanta to unlock value,” said a market source.
Vedanta still has to respond to questions by line.
Jaiprakash Power Restructuring
Jaiprakash Power Ventures (JPVL) is a mentioned, profitable entity that completed a debt restructuring in 2019. According to the plan, lenders, led by ICICI Bank, had compulsory convertible preference shares, a form of investment, in the company for around £ 3,800 crore. These CCPs can be converted into share interest at a later stage, usually after the end of a certain period.
JPVL had finished for the quarter on June 30, FY26, reported an income of £ 1,584 crore from operations, by 10 percent, yoj. The net profit was £ 278 crore, a decrease of 20 percent yoj.
The income of the stream vertically amounted to £ 1,584 crore, while the segment win was at £ 644 crore.
The company in a memorandum on its accounts said in earlier years that it had given the company guarantee to State Bank of India of $ 1500 Lakh against loans provided by SBI to the parent company, Jal.
JPVL said it has written to SBI that, in view of the CIRP process (corporate venting) against JAL, the DRT (Debt Recovery Tribunal) Proceedings against the Leers (JAL) is on hold.
Furthermore, the company also submitted its claim to an amount of $ 1500 Lakh (equal to £ 1,240 crore – converted against the exchange rate of £ 82.61) with a resolution professional of Jal, against the aforementioned company guarantee, which was considered/taken to the extent of £ 512 crore).
Published on September 7, 2025
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