Legal tangles could stall Vedanta-JAL deal
[hfe_template id='11223']
[ad_1]
Mumbai: Jaiprakash Associates' (JAL) winning bidder, Anil Agarwal's Vedanta, could face delays in closing the deal due to legal and financial challenges over asset ownership and pledged shares that plague the conglomerate and considering the slow pace at which the judiciary reaches a final conclusion. Vedanta's ₹12,505-crore offer, submitted on Friday, is ₹250 crore higher than the bid placed by the Adani Group and ₹505 crore above the base price. Dalmia Bharat, Jindal Power and PNC Infratech, which were part of the bidding process, did not submit final bids, likely due to concerns over unresolved legal disputes and the complexity of securing consensus among lenders on guarantees and the treatment of pledged shares. Adani also did not revise its bid in the third, fourth, or fifth rounds, effectively paving the way for Vedanta's selection. JAL operates in five key business segments: real estate, hospitality, cement, enginee...