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The Competition Commission of India has granted in-principle approval for PNC Infratech Ltd. to acquire a controlling stake in Jaiprakash Associates Ltd. (JAL), provided it emerges as the successful bidder in the ongoing insolvency proceedings. JAL's total debt claims exceed INR 57,185 crore, and the company owns major assets including real estate projects, cement plants, hotel properties, toll roads, and subsidiary investments. The approval follows a Supreme Court directive requiring CCI clearance before the Committee of Creditors can vote on any resolution plan. Other bidders, including the Adani Group and Dalmia Bharat, have also received regulatory approval.
The Competition Commission of India (CCI) has given conditional approval to PNC Infratech Ltd. to acquire a minimum of 95% and up to 100% of Jaiprakash Associates Ltd., either directly or through a wholly owned special purpose vehicle. This clearance is contingent on PNC Infratech winning the ongoing insolvency bid for JAL. Advertisement
This decision aligns with a recent Supreme Court ruling under the Insolvency and Bankruptcy Code (IBC), which requires CCI clearance before any resolution plan is submitted to the Committee of Creditors (CoC) for voting. The CoC is currently evaluating multiple resolution plans, with voting expected to take place soon.
Jaiprakash Associates was admitted into the corporate insolvency resolution process after defaulting on loans, with total claims exceeding INR 57,185 crore. Among its creditors, the National Asset Reconstruction Company Ltd. holds a significant portion of the stressed loans, acquired from a consortium led by the State Bank of India.
JAL owns extensive real estate and infrastructure assets. Its key residential projects include Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida, and Jaypee International Sports City near Jewar International Airport. On the infrastructure side, the company holds the Yamuna Expressway, one of India's major toll roads, and several commercial and industrial office spaces across Delhi-NCR.
The company's hotel properties include five hotels located in Delhi-NCR, Mussoorie, and Agra. It also owns four cement plants in Madhya Pradesh and Uttar Pradesh, which are currently non-operational, along with leased limestone mines. Subsidiary investments include Jaiprakash Power Ventures Ltd., Yamuna Expressway Industrial Development Authority projects, Jaypee Infrastructure Development Ltd., and other related entities.
Apart from PNC Infratech, other bidders like the Adani Group, Dalmia Bharat, Vedanta Group, and Jindal Power have sought CCI approval for acquisition proposals. In past developments, another Jaypee Group entity, Jaypee Infratech, was acquired by Mumbai-based Suraksha Group via insolvency, which is currently completing about 20,000 stalled apartments in Noida and Greater Noida.
Source PTI
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