India’s Supreme Court on Monday dismissed a petition by billionaire Anil Agarwal-led Vedanta seeking to suspend the Adani group’s acquisition of a bankrupt real estate company. The deal involves assets valued at $4 billion, notably including India’s only Formula One circuit.
Vedanta is contesting a lenders’ panel decision that awarded the assets of the insolvent Jaiprakash Associates to Gautam Adani’s group. This dispute pits two business magnates against each other over valuable holdings such as residential properties, power and cement plants, and the Buddh International Circuit located near New Delhi.
The Supreme Court ruled that a lower tribunal is the appropriate forum to address Vedanta’s concerns, and therefore, the apex court will not intervene in the ongoing proceedings. Vedanta maintains that its $1.8 billion offer was superior; however, the lenders favored Adani’s $1.5 billion bid due to its higher upfront payment component.
This acquisition is expected to enhance Adani group’s real estate portfolio, which already includes significant projects in Mumbai, such as the redevelopment of Dharavi, one of Asia’s largest slums. In a recent public statement, Adani’s son, Karan Adani, expressed his personal commitment to reviving Formula One racing in India after a 13-year hiatus.
