Adani Enterprises shares rise 1%: Firm's bid for JAL gets lenders' nod; Vedanta also up 1%. Here is why

Shares of Adani Enterprises were trading over 1% higher at ₹2,465.40 apiece on the NSE while Adani Ports was up around 1% at ₹1,498.50.

Meanwhile, Vedanta shares were also trading 1% higher at ₹516.70 apiece on the NSE, even as it lost the bid to Adani.

Why Vedanta share are rising

This is because analysts had raised questions over the Vedanta–JAL deal over the lack of synergy.

In September, it was reported that Vedanta outbid Adani Enterprises to win control of the debt-laden JAL.

Post this update, analysts had said JAL lacks the fundamental synergies with the businesses of Vedanta that could effectively take away the company's focus from its core operations.

While some of the assets of the beleaguered conglomerate can be monetised, they will need to be developed for sale, they had said, as per news reports.

Hence, the news is pushing Vedanta shares higher.

Adani to take over JAL assets

Adani Enterprises, the flagship firm of Adani Group, outbid Vedanta and Dalmia Bharat to win the bid for JAL, the report added.

"The Committee of Creditors (COC) of Jaiprakash Associates Limited (JAL), a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC), has approved the Resolution Plan submitted by Adani Enterprises Limited (AEL)," AEL said in a stock exchange filing.

Adani got the maximum 89% votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group, it added.

Without disclosing financial details of the bid, AEL said it has received a Letter of Intent (LOI) from the Resolution Professional (RP) on November 19, 2025.

The National Asset Reconstruction Company Ltd (NARCL) had the biggest say in the process, as it controls about 86% of the Committee of Creditors' (CoC) voting share. A small group of lenders, including State Bank of India and ICICI Bank, which together account for less than 3% of CoC's votes, abstained from voting.

Why lenders preferred Adani over Vedanta

The PTI report, quoting its sources, said lenders preferred Adani's plan primarily because it offered a significantly higher upfront payment compared to competing proposals. The ports-to-energy conglomerate has proposed a total plan value (TPV) of ₹14,535 crore, including ₹6,005 crore upfront and another ₹7,600 crore payable after two years. In net present value terms, the offer is estimated at ₹12,000 crore.

Vedanta offered a ₹3,800 crore upfront payment and ₹12,400 crore in deferred payments over five years, taking the TPV to ₹16,726 crore.

"The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the National Company Law Tribunal, Allahabad Bench, Prayagraj and/or any other regulatory authority/courts/tribunal under applicable laws," AEL said.

When contacted, a Vedanta spokesperson said, "CoC voting is happening this week, and we trust that the CoC will make the best decision in the public interest. Vedanta is a growth-orientated company, always looking for opportunities and synergy. Our approach remains disciplined, focused on value creation and long-term growth."

Adani Group is offering the payment to lenders within two years, while Vedanta is offering back-ended payments over the next five years.

About Jaiprakash Associates (JAL) and its default

Jaiprakash Associates (JAL), which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering & construction, was admitted to the Corporate Insolvency Resolution Process (CIRP) in June last year after it defaulted on payments of loans aggregating ₹57,185 crore.

JAL announced in June that it had received five bids, along with earnest money, with Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power, and PNC Infratech making the bids. In September, the CoC conducted an auction under the Swiss challenge process.

JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport.

It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh and a few leased limestone mines in Madhya Pradesh.

It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.

Sources said the CoC evaluated the resolution plans on the basis of the evaluation matrix. The resolution plan of Adani Enterprise Ltd got the highest score, followed by Dalmia Cement (Bharat) and Vedanta Ltd.

It is understood that the payments in Dalmia's plans are contingent upon the Supreme Court's judgement on the pending matter between JAL and the development authority YEIDA.

In April this year, 25 companies showed interest in acquiring JAL. However, in June, JAL announced that it had received bids from these five companies, along with earnest money, for the acquisition of the company through an insolvency process.

The financial stress and insolvency impacted JAL's businesses, including cement manufacturing units and EPC projects of national importance, such as the Pakal Dul Dam project in Jammu & Kashmir and the Srisailam Canal project in Andhra Pradesh.