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The Competition Commission of India (CCI) has granted in-principle approval to Adani Group's proposal to acquire debt-laden Jaiprakash Associates Ltd (JAL), subject to the group securing a bid in the ongoing insolvency resolution process. The clearance comes following a Supreme Court ruling mandating competition watchdog approval before any resolution plan is put to vote by creditors. Alongside Adani, Dalmia Bharat has also secured regulatory approval, while several other companies, including Vedanta Group, Jindal Power, and PNC Infratech, have applied for permission to submit their respective plans.
India's fair trade regulator, the Competition Commission of India (CCI), confirmed earlier this week that it has provided in-principle approval for Adani Group's acquisition of Jaiprakash Associates Ltd (JAL), currently undergoing insolvency proceedings. The proposed deal involves Adani Enterprises Ltd (AEL) and Adani Infrastructure and Developers Pvt Ltd (AIDPL), or any other group entity, acquiring up to 100 per cent shareholding in JAL. Advertisement
This clearance follows a recent Supreme Court judgment on the Insolvency and Bankruptcy Code (IBC), which requires entities to secure CCI approval before placing a resolution plan for voting by the Committee of Creditors (CoC). The CoC of JAL is still examining multiple plans, with voting expected in due course.
Apart from Adani Group, Dalmia Bharat's proposal has already received the regulator's nod. Meanwhile, Vedanta Group, Jindal Power, and PNC Infratech are among other companies that have sought approval to present their resolution plans for JAL.
JAL was admitted into corporate insolvency resolution proceedings by the National Company Law Tribunal's Allahabad Bench in June 2024, after defaulting on loan repayments. Creditors have raised claims totalling INR 57,185 crore, with the National Asset Reconstruction Company Ltd (NARCL) emerging as the largest claimant after acquiring JAL's stressed debt from a consortium led by the State Bank of India.
The group holds significant real estate and infrastructure assets, including Jaypee Greens in Greater Noida, part of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar International Airport. In addition, it owns three commercial and industrial office spaces across Delhi-NCR, and five hotels located in Delhi-NCR, Mussoorie, and Agra.
Its cement division comprises four non-operational plants in Madhya Pradesh and Uttar Pradesh, supported by leased limestone mines in Madhya Pradesh. JAL also holds stakes in subsidiaries such as Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.
The larger Jaypee Group has already seen its subsidiary, Jaypee Infratech, acquired by Mumbai-based Suraksha Group through a separate insolvency process. Suraksha Group is currently tasked with completing around 20,000 stalled housing units in Noida and Greater Noida.
With JAL carrying substantial debt and holding a diverse mix of real estate, infrastructure, hospitality, and industrial assets, the insolvency resolution is being closely monitored. The outcome will determine not only the future of JAL but also the progress of several delayed projects across the Delhi-NCR region and beyond.
Source - PTI
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