The Competition Commission of India (CCI) on Tuesday said that it has approved the proposed acquisition of Jaiprakash Associates Limited (JAL) by Vedanta Limited under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code (IBC). Vedanta had submitted a resolution plan to acquire JAL, which is currently undergoing insolvency proceedings initiated by an order...
The Competition Commission of India (CCI) on Tuesday said that it has approved the proposed acquisition of Jaiprakash Associates Limited (JAL) by Vedanta Limited under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code (IBC).
Vedanta had submitted a resolution plan to acquire JAL, which is currently undergoing insolvency proceedings initiated by an order of the National Company Law Tribunal (NCLT), Allahabad Bench, dated June 3, 2024.
According to news reports, Vedanta was selected as the successful bidder with an offer of ₹17,000 crore, which translates to a net present value of ₹12,505 crore. The company's bid was chosen over that of the Adani Group. Lenders had received claims of over ₹57,000 crore from financial creditors, with the National Asset Reconstruction Company Ltd (NARCL) emerging as the largest claimant after acquiring loans from a consortium led by the State Bank of India.
Vedanta Limited is a listed public company engaged in sectors including natural resources, energy, and critical minerals, with operations in oil and gas, metals, and power. Jaiprakash Associates is involved in real estate, cement, EPC contracting, and hospitality, with group companies also present in sectors such as power and fertilizers.
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