Kotak Alternate Assets bids Rs 7,400 crore for Jaiprakash Power Ventures, complicating Vedanta’s plans

Kotak Alternate Assets (Kotak Alts) has emerged the highest bidder for Jaiprakash Power Ventures Ltd’s compulsorily convertible preference shares and its debt with a cumulative offer of about Rs 7,400 crore, according to people in the know, potentially complicating Vedanta’s bid for holding company Jaiprakash Associates Ltd (JAL).

Anil Agarwal-led Vedanta’s ability to exercise influence over a key asset of JAL could be hindered if control of Jaiprakash Power (JP Power) were to pass on to a third party like Kotal Alts. JAL, currently undergoing insolvency proceedings, is a 24% shareholder in Jaiprakash Power.