CCI approves acquisition of Jaiprakash Associates by Adani Group

The Competition Commission of India (CCI) approved the acquisition of Jaiprakash Associates by Adani Entities.

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In an official statement, the CCI said that the deal proposes the acquisition of up to 100 per cent shareholding of JAL by Adani Enterprises (AEL), Adani Infrastructure and Developers (AIDPL), or any other entity part of the Adani Group.

The announcement was also made on the social media platform, X.

According to the press release, the CCI noted that JAL is undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC), 2016, on the directions of the National Company Law Tribunal (NCLT), Allahabad Bench In June 2024, KAL was admitted into the CIRP through the NCLT's Allahabad Bench. It had taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming Rs 57,185 crore, as per a PTI report.