'We had won, but decision was changed': Vedanta's Anil Agarwal opens up on Jaypee bid reversal
'We were informed in writing that we had won. But life is never so simple. After some days, the decision was changed. Don't want to go into the details. That is for the right forum,' says Vedanta Group chairman Anil Agarwal
- Mar 29, 2026,
- Updated Mar 29, 2026 12:28 PM IST
Vedanta Group chairman Anil Agarwal on Sunday said the company had been declared the highest bidder for Jaiprakash Associates but that the outcome was later reversed, adding that the group would present its case through the appropriate channels.
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In a post, Agarwal said the experience reflected both business realities and personal conviction, linking it to lessons from the Bhagavad Gita.
"Some years ago, Shri Jaiprakash Gaur, who built Jaypee Group, came to meet me in London. He had built an empire over his lifetime with hard work and vision. He reached out more than once. He wrote to me. His only wish was simple: that what he had built should go into safe hands and be taken forward with the right intent," he wrote in a social media post on X.
He said Vedanta could not proceed at the time, but the opportunity resurfaced when the company entered the insolvency resolution process. "Recently, the asset went into a public auction by CoC in the IBC process. Many strong bidders participated. Suddenly, the sentiment and wishes of Jaiprakash Gaur ji came rushing back to me."
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According to Agarwal, the bidding process concluded in Vedanta’s favour before being altered. "One by one, everyone dropped out of the bidding. Finally, we were declared the highest bidder publicly. It was a transparent process. We were informed in writing that we had won. But life is never so simple. After some days, the decision was changed. Don't want to go into the details. That is for the right forum."
He said the group would pursue the matter without attachment. "We have no attachment to this asset. If it comes, it is God's grace. If it goes, that is also his wish. At that time, we could not proceed… But one thing we believe strongly. When something is promised in dharma, it should not be taken back."
"So, what should one do? Gita gives a simple answer - do your duty, with courage, but without anger or attachment. That is what we will do. We will place the facts in the right way. We will follow the right path," the Vedanta boss said.
The statement comes after Vedanta challenged the approval of a rival bid by Adani Enterprises for Jaiprakash Associates under the Insolvency and Bankruptcy Code.
Earlier this month, Vedanta moved the National Company Law Appellate Tribunal (NCLAT) against an order of the National Company Law Tribunal (NCLT), which approved Adani Enterprises' resolution plan.
The Allahabad bench of the NCLT had approved the plan on March 17, backing Adani Enterprises as the successful resolution applicant. The company had secured approval from the committee of creditors for its ₹14,535 crore bid in November 2025.
The bidding process drew interest from multiple players, including Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power and PNC Infratech.
The Indian Express reported that Vedanta had submitted a higher overall bid of around ₹16,000 crore, compared with Adani’s ₹14,535 crore offer. However, lenders are understood to have preferred Adani's proposal due to a higher upfront payment of over ₹6,000 crore and a shorter payout timeline, which reduced execution risk and accelerated recovery.
Vedanta Group chairman Anil Agarwal on Sunday said the company had been declared the highest bidder for Jaiprakash Associates but that the outcome was later reversed, adding that the group would present its case through the appropriate channels.
Must Read: ‘Replicate US playbook’: Vedanta chief pitches energy independency for India amid West Asia war
In a post, Agarwal said the experience reflected both business realities and personal conviction, linking it to lessons from the Bhagavad Gita.
"Some years ago, Shri Jaiprakash Gaur, who built Jaypee Group, came to meet me in London. He had built an empire over his lifetime with hard work and vision. He reached out more than once. He wrote to me. His only wish was simple: that what he had built should go into safe hands and be taken forward with the right intent," he wrote in a social media post on X.
He said Vedanta could not proceed at the time, but the opportunity resurfaced when the company entered the insolvency resolution process. "Recently, the asset went into a public auction by CoC in the IBC process. Many strong bidders participated. Suddenly, the sentiment and wishes of Jaiprakash Gaur ji came rushing back to me."
Must Read: '85% of auctioned mining blocks still idle in India': Vedanta's Anil Agarwal lists big challenges
According to Agarwal, the bidding process concluded in Vedanta’s favour before being altered. "One by one, everyone dropped out of the bidding. Finally, we were declared the highest bidder publicly. It was a transparent process. We were informed in writing that we had won. But life is never so simple. After some days, the decision was changed. Don't want to go into the details. That is for the right forum."
He said the group would pursue the matter without attachment. "We have no attachment to this asset. If it comes, it is God's grace. If it goes, that is also his wish. At that time, we could not proceed… But one thing we believe strongly. When something is promised in dharma, it should not be taken back."
"So, what should one do? Gita gives a simple answer - do your duty, with courage, but without anger or attachment. That is what we will do. We will place the facts in the right way. We will follow the right path," the Vedanta boss said.
The statement comes after Vedanta challenged the approval of a rival bid by Adani Enterprises for Jaiprakash Associates under the Insolvency and Bankruptcy Code.
Earlier this month, Vedanta moved the National Company Law Appellate Tribunal (NCLAT) against an order of the National Company Law Tribunal (NCLT), which approved Adani Enterprises' resolution plan.
The Allahabad bench of the NCLT had approved the plan on March 17, backing Adani Enterprises as the successful resolution applicant. The company had secured approval from the committee of creditors for its ₹14,535 crore bid in November 2025.
The bidding process drew interest from multiple players, including Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power and PNC Infratech.
The Indian Express reported that Vedanta had submitted a higher overall bid of around ₹16,000 crore, compared with Adani’s ₹14,535 crore offer. However, lenders are understood to have preferred Adani's proposal due to a higher upfront payment of over ₹6,000 crore and a shorter payout timeline, which reduced execution risk and accelerated recovery.