Kotak Alternate Assets (Kotak Alternate Asset Managers Limited) has emerged the highest bidder for Jaiprakash Power Ventures Limited (NSEI:JPPOWER)?s compulsorily convertible preference shares and its debt with a cumulative offer of about INR 74,000 million, according to people in the know, potentially complicating Vedanta Limited (NSEI:VEDL)?s bid for holding company Jaiprakash Associates Ltd. (JAL). This move could hinder Vedanta's influence over JP Power, a key asset in the JAL portfolio, as Kotak Alts could gain significant ownership, triggering an open offer.