Cash rich Vedanta plans to buy insolvent Jaypee Infra assets

MUMBAI: Vedanta Ltd has acknowledged that it is in the fray to acquire assets of insolvent company Jaypee Infratech Ltd, and has submitted a preliminary nonbinding expression of interest. The mining conglomerate's bid is in response to a move by courtappointed insolvency professional seeking 20 bln rupees in investment to complete Jaypee Infra's pending projects, including a residential colony. Vedanta said it is yet to begin negotiations with the insolvency professional on acquiring Jaypee Infratech's assets and that there was no certainty that a transaction will be concluded.