The Competition Commission of India has approved the acquisition of Jaiprakash Associates Limited by Jindal Power Limited. The Proposed Combination envisages acquisition of Jaiprakash Associates Limited (JAL) by Jindal Power Limited (Acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC).

The Acquirer has been incorporated under the Companies Act, 1956, and is primarily engaged in the power sector. The entities belonging to the Acquirer Group have a global presence in the steel, energy, and mining sectors.

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 approval enables acquisition of Jaiprakash Associates under an insolvency resolution process, permitting corporate transfer. Competition clearance was granted for Jindal Power Limited's acquisition of Jaiprakash Associates Limited as a proposed combination effected pursuant to a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, with the Commission's detailed order to follow.