India’s transparent insolvency resolution process has taken a hit: Vedanta chairman on Jaiprakash Associates

Billionaire Anil Agarwal on Friday said that Vedanta losing out on Jaiprakash Associates insolvency despite being the highest bidder has put a question mark on transparency of India’s corporate insolvency resolution process.

“The IBC (Insolvency and Bankruptcy Code system declared us the highest bidder for Jaiprakash Associates. It was publicized widely that Vedanta is the highest bidder. But after that the system gave it to someone else. All this has hit the image of Indian system across the globe,” mining magnate Agarwal told Business Today.

“India’s transparent system has taken a hit. In the public auction, we increased our bid and then we were given in writing that we are the highest bidder,” Agarwal said, adding that he never went into details but what happened was not right from an investor viewpoint.

Vedanta Group’s Rs 12,505-crore offer to acquire beleaguered businesses of debt-ridden Jaiprakash Associates was approved by the Competition Commission of India in October 2025. However, in November 2025, the committee of creditors (CoC) voted in favour of Adani Enterprises.

When asked which assets of Jaiprakash Associates were strategic for Vedanta, Agarwal said the beleaguered company’s power was of key interest to Vedanta. “We are not in hydropower, and their hydropower assets were of key interest to us,” he said. Jaiprakash Associates also had significant real estate interests in Uttar Pradesh’s Noida.

The mining mogul said a lot of effort went into the bidding process. “Around 300-400 of our people were involved in the process. They evaluated the assets, talked with the banks to arrange funding and gave a big security to them. It was an open bid which ran for a day and half. There were 7-8 bidders. It reduced to 2 and then 1. We gave Rs 250 crore more just to wrap it up,” explained Agarwal. “As entrepreneurs, we evaluated it. When you enter a public auction, you make up your mind that if you get something for a price, you buy it,” he explained.

The Vedanta chairman said it was always the highest bidder who used to win in public auctions. “We haven’t decided whether we will look for more buyouts through IBC. This has happened for the first time,” he said.

On Hindustan Zinc, in which the government holds 27.92% stake, Agarwal said the government has not fulfilled its commitment of privatization. “Privatization has still not taken place. The government has still not given up its stake,” he added.