India’s antitrust regulator on Tuesday approved Dalmia Bharat’s proposal to fully acquire Jaiprakash Associates Ltd (JAL), which is undergoing insolvency proceedings, the Competition Commission of India (CCI) said in a post on X.
The move is a key step under the Insolvency and Bankruptcy Code (IBC), which mandates approval from the CCI before any resolution plan is submitted for voting by the Committee of Creditors (CoC), if the transaction qualifies as a combination under the Competition Act.
The proposed deal involves Dalmia Cement (Bharat) Ltd, a wholly owned unit of Dalmia Bharat Ltd, acquiring 100% of JAL. Dalmia Bharat is primarily engaged in cement manufacturing and sales, while JAL operates across cement, real estate, hospitality, and engineering.
JAL, which owes lenders about ₹57,185 crore, was admitted to the corporate insolvency resolution process (CIRP) by the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3.
Other bidders, including Adani Enterprises, Vedanta Group, Jindal Power, and PNC Infratech, have also approached the CCI for clearance to submit resolution plans.
JAL owns stalled real estate projects including Jaypee Greens in Greater Noida, a sports city project near the upcoming Jewar airport, and hospitality assets in Delhi-NCR, Agra, and Mussoorie. Its cement plants in Madhya Pradesh and Uttar Pradesh are currently non-operational.
The National Asset Reconstruction Company Ltd (NARCL), which acquired JAL’s loans from a lender consortium led by State Bank of India, is the largest creditor.
Separately, Jaypee Infratech, another group firm, was earlier acquired by Mumbai-based Suraksha Group, which is now completing around 20,000 delayed housing units in Noida and Greater Noida.
