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NEW DELHI: The Competition Commission of India (CCI) announced on Tuesday that it has granted initial approval for PNC Infratech’s proposal to acquire the financially troubled Jaiprakash Associates, contingent upon winning the ongoing insolvency bid.
The proposal involves PNC Infratech acquiring between 95% to 100% of Jaiprakash Associates Ltd (JAL), either directly or through a wholly-owned subsidiary that may be established for this purpose.
The CCI confirmed the acquisition’s approval via a post on X, stating, “Commission approves proposed acquisition of Jaiprakash Associates Ltd by PNC Infratech Ltd.”
In light of the Supreme Court’s recent ruling concerning the Insolvency and Bankruptcy Code (IBC), any entity must secure CCI approval before submitting a resolution plan.
The Committee of Creditors (CoC) for JAL is currently evaluating the received resolution plans, with voting to take place in due course.
In addition to PNC Infratech, the regulatory body has approved acquisition proposals from the Adani Group and Dalmia Bharat for JAL.
Other companies, including Vedanta Group and Jindal Power, have also sought CCI approval to present their resolution plans to JAL’s CoC.
JAL entered corporate insolvency resolution through an order from the National Company Law Tribunal (NCLT) in Allahabad on June 3, 2024, following its default on loan payments.
Creditors are pursuing claims amounting to ₹57,185 crore, with the National Asset Reconstruction Company Ltd (NARCL) leading the list of claimants after acquiring JAL loans from a consortium headed by the State Bank of India.
JAL owns significant real estate projects, including Jaypee Greens in Greater Noida and parts of Jaypee Greens Wishtown in Noida, along with the strategically located Jaypee International Sports City near the upcoming Jewar International Airport.
Additionally, JAL has three commercial office spaces in the Delhi-NCR area and five hotel properties in Delhi-NCR, Mussoorie, and Agra.
JAL’s operations include four cement plants and several leased limestone mines in Madhya Pradesh, although the cement plants are non-operational. The company also has investments in various subsidiaries, including Jaiprakash Power Ventures Ltd., Yamuna Expressway Tolling Ltd., and Jaypee Infrastructure Development Ltd.
Notably, Jaypee Group’s Jaypee Infratech was acquired by the Mumbai-based Suraksha Group through a previous insolvency process, enabling the completion of stalled projects consisting of around 20,000 apartments in Noida and Greater Noida.
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