India court turns down request to pause Adani’s real estate, F1 track deal

India’s top court on Monday rejected billionaire Anil Agarwal-led Vedanta’s plea to ​pause the acquisition by Adani group of ‌a bankrupt real estate giant, which includes a $4 billion pool of prized assets including India’s only Formula One track.

Agarwal’s ​Vedanta is fighting in courts against the decision ​of a lenders’ panel to give the assets ⁠of bankrupt Jaiprakash Associates to fellow tycoon ​Gautam Adani’s group, setting up a battle between billionaires ​for assets including homes, power, cement plants and the Buddh International Circuit track near New Delhi.

Vedanta’s challenge in the Supreme ​Court was declined as the judges said ​a lower tribunal was fit to hear the concerns of the ‌group, ⁠and the top court does not need to interfere in the proceedings.

Vedanta argues that its $1.8 billion bid was better, but the lenders’ panel decided ​in Adani’s favour ​as its $1.5 ⁠billion bid had higher upfront payments.

The acquisition could boost Adani group’s real ​estate plans, which include its other key ​projects ⁠in Mumbai, including the redevelopment of one of Asia’s largest slums, Dharavi.

Adani’s son, Karan Adani, said at ⁠a ​public event last month that ​he is “very personally engaged” with bringing F1 back to India after ​a 13-year absence.