The Competition Commission of India (CCI) has cleared Dalmia Bharat’s proposal to acquire a 100% stake in Jaiprakash Associates (JAL).
The proposed combination follows a resolution process of JAL under the bankruptcy law, the antitrust regulator said in a statement on Tuesday.
Dalmia Bharat plans to acquire JAL through its wholly-owned arm Dalmia Cement Bharat.
JAL is engaged in diverse business activities, such as real estate, cement, hospitality, engineering, procurement and construction, and is currently undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC).
The Adani Group, Vedanta, Suraksha Group, Jindal Steel and Power and PNC Infratech are the other bidders for JAL.
Under the IBC, the antitrust regulator’s clearance is required before resolution plans are approved by the committee of creditors that comprises financial creditors alone.
JAL’s acquisition will help Dalmia Bharat, the country’s fourth-largest cement producer, in its expansion plan. The company aims to raise its annual capacity to 75 million tonnes by FY28, and to 110-130 million tonnes by fiscal FY31 from the current 49.5 million tonnes.
ChrysCapital- Theobroma deal gets nod
Separately, the regulator has approved private equity major ChrysCapital’s proposal to pick up a majority stake in Mumbai-based bakery chain Theobroma.
The acquisition will be done by ChrysCapital through its affiliates, Infinity Partners, Aqua Investments and Atreides Investments BV.
