Adani group seeks Competition Commission's nod to acquire Jaiprakash Associates

Billionaire Gautam Adani-promoted Adani group sought approval from the Competition Associates Ltd.

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The development came after Adani group reportedly made an unconditional bid for debt-ridden Jaiprakash Associates Ltd (JAL), which is undergoing corporate insolvency resolution process (CIRP).

"The proposed combination relates to the acquisition of up to 100 per cent of the shareholding of the target (Jaiprakash Associates Ltd) by the acquirers (Adani Enterprises Ltd and Adani Infrastructure and Developers Pvt Ltd) or any other entity forming part of the Adani Group," according to a notice filed with the CCI.

Adani Enterprises Ltd (AEL) is the flagship company of Gujarat-based Adani group. JAL is an infrastructure conglomerate with interests in engineering and construction, cement, power, real estate, and hospitality.

In a notice to CCI, AEL, Adani Infrastructure and Developers and JAL have said the "proposed combination does not raise competition concerns in any plausible relevant market and therefore, the relevant market delineations may be left open.