Mumbai: Creditors of India’s Jaiprakash Associates unanimously backed Adani Enterprises’ 135-billion-rupee ($1.53 billion) takeover proposal for the bankrupt infrastructure group, preferring it over Vedanta’s bid, two officials familiar with the matter said.

The creditors, mostly Indian banks, opted for Adani’s bid over Vedanta’s higher 170-billion-rupee offer because it included larger upfront payments preferred by stakeholders, the officials said on Wednesday, declining to be named as the matter is private.

Besides Adani and Vedanta, other bidders included Dalmia Bharat, Jindal Power, and PNC Infratech. Controlling shareholder Manoj Gaur also submitted a last-minute bid, which was later withdrawn, one of the officials said.

Jaiprakash Associates, once one of India’s largest infrastru

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