Vedanta's JPVL stake could soar to 49% post resolution
Vedanta Ltd is in prime position to take control of Jaiprakash Power Ventures (JPVL), the profitable power arm of the struggling Jaiprakash Associates.
After outbidding heavyweights like Adani Group with a ₹12,505 crore offer for Jaiprakash Associates, Vedanta could start with a 24% stake and potentially own almost half of JPVL, contingent on the completion of the resolution plan and CCPS conversion.
Preference shares are a key factor in Vedanta's bid
Vedanta isn't stopping at shares—they're also eyeing ₹3,800 crore worth of preference shares from JPVL's lenders (mostly ICICI Bank).
If these get converted, Vedanta's ownership could jump to nearly 49%, thanks to an open offer trigger.
Most other bidders weren't interested in these extra shares.
JPVL is profitable, but it has some liabilities
JPVL is making money—reporting ₹1,584 crore in revenue and ₹278 crore profit for the quarter ending June 30, 2025 (Q1 FY26).
But there's some baggage: it still has liabilities tied to guarantees for loans taken by its parent company, which is currently under insolvency proceedings.
For Vedanta, this buyout could unlock new value as JAL works through its financial mess.