Tag: adani group

Latest StoriesRegulatory

Adani Group’s Bid for Troubled Jaiprakash Associates Approved

NEW DELHI: The Competition Commission of India (CCI) has in principle approved Adani Group’s acquisition of the financially troubled Jaiprakash Associates, contingent on a successful bid in the ongoing insolvency proceedings. The proposed transaction involves Adani Enterprises Ltd (AEL) and Adani Infrastructure and Developers Pvt Ltd (AIDPL) seeking to acquire up to 100% of Jaiprakash Associates Ltd (JAL), as outlined in a statement from the regulator on Tuesday. The CCI noted that an approval is essential for the concerned entity to submit a resolution plan following a recent Supreme Court ruling regarding the Insolvency and Bankruptcy Code (IBC). The approval…

IndustryLatest Stories

Adani Group seeks approval to acquire Jaiprakash Associates

NEW DELHI: The Adani Group, led by billionaire Gautam Adani, has requested the Competition Commission of India (CCI) for approval to acquire Jaiprakash Associates Ltd (JAL). This move follows an unconditional bid made by the Adani Group for the financially troubled JAL, currently undergoing a corporate insolvency resolution process (CIRP). The notice submitted to the CCI states, “The proposed acquisition pertains to owning up to 100% of the shareholding in Jaiprakash Associates Ltd by Adani Enterprises Ltd and Adani Infrastructure and Developers Pvt Ltd or any related entity within the Adani Group.” Adani Enterprises Ltd (AEL) is the leading company…

CommercialLatest Stories

Adani Group to Build Paytm’s IT Complex in Noida

NEW DELHI: Manorview Developers, a subsidiary of Adani Group, has announced plans to develop an IT and ITES complex for One97 Communications, the parent company of the Paytm brand, in Noida, according to a regulatory filing. In 2018, the Noida Authority allocated a 10-acre plot in Sector 159 for this development. The filing indicated, “The company is now taking independent steps to advance the project. The board has approved the proposal to appoint Manorview Developers Private Limited as the Engineering, Procurement, and Construction (EPC) Contractor, pending the execution of definitive agreements.” In January 2024, Paytm’s board approved a Joint Development…

IndustryLatest Stories

Adani to Redevelop 142 Acres in Mumbai’s Motilal Nagar

Sure! Here’s a rewritten version of the content: — The Maharashtra Housing and Area Development Authority (MHADA) has partnered with Adani Properties to undertake a major redevelopment initiative in Motilal Nagar, a 142-acre area in Goregaon (West), Mumbai. This venture represents MHADA’s largest single redevelopment project to date. RealtyDailyNews initially reported on March 11 that Adani Properties secured the project by promising to provide 3.97 lakh square meters of housing, representing the highest share of Floor Space Index (FSI) allocated to MHADA. As part of the initiative, qualifying MHADA residents will be allotted new homes with a built-up area of…

IndustryLatest Stories

Adani Group Makes Unconditional Bid for Jaiprakash Associates

MUMBAI: The Adani Group has emerged as the sole bidder without conditions in the acquisition race for Jaiprakash Associates, submitting an offer of ₹12,600 crore during the ongoing insolvency proceedings. Competing bidders such as Dalmia Bharat, Vedanta, Jindal Power, and PNC Infratech have linked their proposals to resolving a significant land dispute related to the Gautam Buddh Nagar Sports City project, which is currently before the Supreme Court. Jaiprakash Associates has garnered five bids, with Dalmia Bharat leading the pack with an offer of ₹14,600 crore, inclusive of the disputed land parcel. However, should the land conflict remain unresolved, Dalmia’s…

CommercialLatest Stories

Noida Authority: Adani Cannot Sub-Lease Data Centre Yet

Representative Image NOIDA: The Noida Authority has decided against allowing Noida Data Centre Ltd — an Adani Enterprises subsidiary — to sub-lease its Sector 80 industrial plot until the project becomes operational. This marks a change from the Authority’s previous position, as officials emphasized they would adhere strictly to the original terms of the allotment. Officials noted that the plot, allocated to Adani in 2021, remains undeveloped, and the company has not submitted an application for map approval. They referenced Clause 14-B of the lease deed, stating that sub-leasing is permitted only after the unit has received an occupancy certificate…

CommercialLatest Stories

Dharavi Redevelopment: India’s Next Prime Business Hub

AI-generated Representative Image The redevelopment project of Dharavi, Asia’s largest slum, is set to introduce a dedicated commercial business district, enhancing both business and employment opportunities amidst one of the most ambitious urban transformations globally. A significant portion of the nearly 600-acre prime land in the heart of Mumbai, India’s financial hub, will be designated for commercial use, aiming to establish a central business district (CBD) that attracts diverse companies. This district is anticipated to feature Grade-A office spaces, premium retail, co-working areas, hotels, and infrastructure support, as per sources involved in the planning. “The commercial area will utilize land…