Adani group wins lenders’ vote to take over Jaiprakash Associates

Adani group has won majority lenders’ vote for take over of debt-laden Jaiprakash Associates as its Rs 14,535-crore acquisition proposal included a higher upfront payment than rival bidders, sources said.
A Committee of Creditors voted on resolution plans (acquisition proposals) submitted by suitors including Adani Group, Vedanta Ltd and Dalmia Cement (Bharat).
Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group, they added.
The National Asset Reconstruction Company Ltd (NARCL) had the biggest say in the process as it controls about 86 per cent of the Committee of Creditors’ (CoC) voting share. A small group of lenders, including State Bank of India and ICICI Bank – who together account for less than 3 per cent of CoC’s votes – abstained from voting.
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