Indian tycoon Anil Agarwal has moved the Supreme Court of India to challenge fellow billionaire Gautam Adani’s successful bid for the bankrupt Jaiprakash Associates. The $4 billion portfolio includes prized real estate, cement and power plants, luxury homes, and India’s only Formula One track, the Buddh International Circuit near New Delhi.
Vedanta, Agarwal’s conglomerate, has argued that its $1.8 billion bid offered a better deal. However, the creditor committee and an Indian tribunal awarded the assets to Adani, favouring his $1.5 billion offer due to higher upfront payments.
Vedanta has requested the Supreme Court to halt the acquisition while it addresses its concerns. Both Vedanta and the Adani Group declined to comment on the proceedings.
If upheld, Adani’s win would significantly boost its real estate portfolio, complementing major projects in Mumbai, including the redevelopment of Dharavi, one of Asia’s largest slums.
Formula One racing in India has been on hold for 13 years due to regulatory and tax disputes. Karan Adani, Gautam Adani’s son, recently stated that he is “personally engaged” in efforts to restart F1 in India.
Vedanta’s Agarwal expressed dissatisfaction with the sale process on X, stating: “We will place the facts in the right way.” Vedanta operates in sectors including aluminium, steel, and power, and its legal challenge signals a major clash in India’s corporate landscape.
