The Competition Commission of India has approved the acquisition of Jaiprakash Associates Limited by Dalmia Cement (Bharat) Limited.

The Proposed Combination envisages100% acquisition of Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited(Acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC).

The Acquirer is a wholly owned subsidiary of Dalmia Bharat Limited (DBL) which is the ultimate parent entity of the Dalmia Bharat Group. DBL (directly and through its affiliates) is primarily engaged in manufacture and sale of cement.

JAL is engaged in diverse business activities viz., real estate, cement, hospitality, engineering, procurement, & construction (EPC) and is currently undergoing a CIRP under the IBC.

Detailed order of the Commission will follow.

Competition clearance for an insolvency-driven acquisition enables full transfer of a CIRP target to an acquirer entity. Approval by the Competition Commission concerns a complete acquisition of Jaiprakash Associates Limited by Dalmia Cement (Bharat) Limited pursuant to a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, with the Acquirer as a wholly owned subsidiary of the Dalmia Bharat group and the target undergoing CIRP; a detailed order will follow.