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.