The Competition Commission of India (CCI) has approved the proposed acquisition of Jaiprakash Associates Ltd (JAL) by entities of the Adani Group, according to an official release. The announcement, also shared on CCI’s X (formerly Twitter) handle, stated that Adani Enterprises (AEL), Adani Infrastructure and Developers (AIDPL), or any other Adani entity may acquire up to 100% stake in JAL. A detailed order on the approval will follow.
JAL is currently undergoing corporate insolvency resolution proceedings under the Insolvency and Bankruptcy Code, 2016, as directed by the National Company Law Tribunal (NCLT), Allahabad Bench. The Adani Group had submitted its proposal to CCI in July after making an unconditional bid for the…