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4h ago

CCI Approves Adani Proposal to Acquire Up to 100% of Jaiprakash Associates

The clearance satisfies the antitrust approval required ahead of the creditors' vote under the insolvency process.

Fair trade regulator CCI on August 26 said it has in principle approved Adani Group's acquisition of debt-ridden Jaiprakash Associates, should it win a bid in the ongoing insolvency proceeding. (Representational photo) REUTERS/Adnan Abidi/File Photo
Adani Group Entities get CCI nod to acquire full stake in Jaiprakash Associates

Overview

  • The Competition Commission of India granted in-principle approval for Adani Group entities to acquire up to 100% of Jaiprakash Associates, with a detailed order to follow.
  • The Committee of Creditors is reviewing multiple resolution plans and will vote after the required regulatory clearances are in place.
  • Dalmia Bharat received CCI approval on August 5 for a competing plan to acquire the company in full.
  • Vedanta Group, Jindal Power and PNC Infratech have also sought CCI permission to submit plans, with five bidders reported to have filed proposals.
  • Jaiprakash Associates has been in insolvency since June 2024 with creditor claims of about Rs 57,185 crore, led by NARCL after it acquired loans from an SBI-led consortium.