Fair trade regulator CCI on Tuesday said it has given in-principle approval to PNC Infratech’s proposal to acquire debt-ridden Jaiprakash Associates, should it win a bid in the ongoing insolvency proceeding.
“The proposed combination relates to the acquisition of minimum 95 per cent and maximum up to 100 per cent of Jaiprakash Associates Ltd (JAL) by PNC Infratech Ltd (acquirer), or through a special purpose vehicle company that the acquirer may incorporate in the future as its wholly owned subsidiary to acquire JAL,” according to a release issued by the regulator on Tuesday.
The Competition Commission of India (CCI) said it has approved the acquisition of JAL by PNC Infratech Ltd.
Source: Other