CCI clears Adani Group’s proposed acquisition of debt-laden Jaiprakash Associates
New Delhi: The Competition Commission of India (CCI) on Tuesday said it has given in-principle approval to Adani Group’s proposed acquisition of Jaiprakash Associates Ltd (JAL), subject to the conglomerate winning the ongoing insolvency proceedings, PTI reported.
The deal involves Adani Enterprises Ltd (AEL), Adani Infrastructure and Developers Pvt Ltd (AIDPL), or any other group entity acquiring up to 100% of JAL, according to the regulator’s release.
Following a Supreme Court ruling clarifying provisions under the Insolvency and Bankruptcy Code (IBC), companies must secure CCI’s nod before their resolution plan is placed for voting by the Committee of Creditors (CoC).
The CoC of JAL is still reviewing proposals and will vote in due course.
Besides Adani Group, the regulator has also cleared Dalmia Bharat’s proposal for JAL. Other bidders—including Vedanta Group, Jindal Power, and PNC Infratech—have sought CCI approval to submit their respective resolution plans.
JAL entered the corporate insolvency resolution process (CIRP) through an order of the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3, 2024, after defaulting on loan repayments.
Creditors have claimed dues of ₹57,185 crore, with the National Asset Reconstruction Company Ltd (NARCL) emerging as the largest claimant after acquiring stressed loans from a consortium led by State Bank of India.
JAL’s portfolio includes major real estate assets such as Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida, and Jaypee International Sports City near the upcoming Jewar International Airport.
It also owns three commercial/industrial spaces in Delhi-NCR, along with five hotels in Delhi-NCR, Mussoorie, and Agra.
Additionally, JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, along with leased limestone mines in Madhya Pradesh, though the cement facilities are currently non-operational.
The company also holds stakes in subsidiaries including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.
Meanwhile, another group entity, Jaypee Infratech, was acquired earlier by Mumbai-based Suraksha Group under insolvency proceedings.
Suraksha is tasked with completing nearly 20,000 stalled apartment projects in Noida and Greater Noida.
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