Adani sought approval from CCI for the acquisition of Jaypee Group- Now a total of 5 companies line
Adani Group On Tuesday, sought permission from the Competition Commission of India (CCI) for the acquisition of Jayaprakash Associates Limited (Jal). Jayaprakash Associates Limited is also known as Jaypee Group. The development came to light when the group of billionaire businessman Gautam Adani allegedly bid unconditionally for debt -ridden Jayaprakash Associates Limited. The Jaypee Group is undergoing the corporate insolvency solution process (CIRP).
Jayaprakash wants to buy the entire stake in Associates Limited
According to a notice filed before the CCI, “proposed combinations, Audani Enterprises Limited and Adani Infrastructure and Developers Private Limited) or any other unit to be part of the Adani Group are related to 100 percent of the Jayaprakash Associates Limited by any other unit to be part of the Jayaprakash Associates Limited.”
Adani Group is the leading company AEL
Adani Enterprises Limited (AEL) is a major company of the Adani Group in Gujarat. Jayaprakash Associates Limited is an Infrastructure Group that does business in engineering and construction, cement, power, real estate and hospitality sector. In a notice sent to CCI, Adani Enterprises Limited, Adani Infrastructure and Developers and Jaypee Group said that “the proposed combination” does not create competition related concerns in any possible relevant market and hence the concerned market possibilities can be left open “.
Apart from Adani, these 4 companies already in queue
Last month, Dalmia Cement (India) Limited also gave a notice and sought approval from the CCI to get a 100 percent stake in Jayaprakash Associates Limited. 5 companies – Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech have presented their solution plans for the acquisition of Jayaprakash Associates Limited. Jayaprakash Associates Limited was included in the CIRP under the order dated June 3, 2024 of the Allahabad Peeth of the National Company Law Tribunal.
With PTI inputs
Latest business news
