According to the official statement of the CCI, approval covers the acquisition of up to 100% shareholding in JL, which is a major step in the infrastructure and real estate in Adani’s expansion drive.
The announcement was also announced on X by CCI’s social media handle.
The jail, once the main of the Jaypi group, is in the process of bankruptcy after default on debt payment. In June 2024, the company was admitted to the Corporate Insolvency Resolution Process (CIRP) by the Allahabad Bench of NCLT, in which the creditors’ claims were around Rs 57,185 crore.
National Asset Reconstruction Company Limited (NARCL) is currently the top contender after taking over tensile loans from a consortium led by State Bank India F India.
Debt Pay FIRM has attracted multiple biders because of its widespread wealth, which includes:
- Large -scale real estate projects like Jaypi Greens in Greater Noida and Jaypi International Sports City near the upcoming Jure International Airport.
- Commercial and industrial dysfunction properties in Delhi-NCR, Lentils and Agra.
- Four non-operational cement plants and many limestone mines in Madhya Pradesh.
- Investing in subsidiaries including Jayaprakash Power Ventures, Yamuna Express Way Tolling and Jaypi Infrastructure Development.
Apart from Adani, many other companies, including Dalmia Bharat, Jindal Power, PNC Infatech and Vedanta Group, were interested in acquiring jail. However, CCI’s NOD now clears the main regulatory barrier for the possible takeover of the Adani group.
Also read: AI Giant NVIDI beat earnings expectations but shares reduce
The Committee of Lenders (COC) is expected to review and vote for the final resolution plans in the coming weeks, which are monitored by the compulsory process under the Competition Act and the directives of the Supreme Court.
(Disclaimer: The recommendations, suggestions, opinions and views given by experts are their own. This does not represent the views of the economic time)
(Now you can subscribe to our Etmarkets WhatsApp channel)
