CCI okays Dalmia Bharats proposal to acquire Jaiprakash Associates
New Delhi, Aug 5 (PTI) The Competition Commission of India (CCI) on Tuesday approved Dalmia Bharat's proposal to acquire the debt-laden Jaiprakash Associates Ltd (JAL), which is going through the insolvency resolution process.
Under the provision of the Insolvency and Bankruptcy Code (IBC), an approval from the competition watchdog is a key requirement for submission of resolution plan to participate in the bidding process.
Besides Dalmia Bharat, several other players that have shown their interest to acquire the debt ridden JAL, which operates from cement to real estate, hospitality to fertiliser plant.
Players as billionaire Gautam Adani-led Adani Enterprises, Vedanta Group, Jindal Power, and PNC Infratech have also approached CCI to seek its nod for submission of their respective resolution plan to the lender's body Committee of Creditors (CoC).
A Supreme Court's directive mandates obtaining CCI approval before the committee of creditors can vote on any resolution plan that qualifies as a combination under the Competition Act.
'The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Ltd (JAL) by Dalmia Cement (Bharat) Ltd (acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC)," the regulator said in a release.
Dalmia Cement (Bharat) Ltd is a wholly owned subsidiary of Dalmia Bharat Ltd (DBL), which is the flagship company of the Dalmia Bharat Group.
DBL is primarily engaged in the manufacture and sale of cement. On the other hand, Jaiprakash Associates operates in multiple sectors including cement, real estate, hospitality, and engineering, procurement and construction.
JAL is engaged in diverse business activities viz, real estate, cement, hospitality, engineering, procurement, and construction.
'Commission approves proposed acquisition of Jaiprakash Associates Ltd by Dalmia Cement (Bharat) Ltd," CCI said in a post on X.
A similar combination notice has also been filed with the CCI by the Adani Group as part of the same insolvency process.
JAL was admitted into the CIRP through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024. It was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans.
Creditors are claiming a staggering Rs 57,185 crore.
The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India.
JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport.
It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra.
JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational.
It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other and several other companies.
Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process.
Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida. PTI HG KRH TRB
(This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments
First Published:
August 05, 2025, 20:00 IST
News agency-feeds CCI okays Dalmia Bharats proposal to acquire Jaiprakash Associates
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