Vedanta seeks CCI nod to acquire debt-laden Jaiprakash Associates
Mining giant Vedanta has sought the Competition Commission of India’s approval for its proposal to acquire 100% in stressed infrastructure firm Jaiprakash Associates (JAL).
Vedanta has emerged as the highest bidder to acquire JAL under the corporate insolvency resolution process (CIRP) with a net present deal value of Rs 12,505 crore, beating Adani Group’s offer.
Under the insolvency law, the CCI’s clearance is a must before resolution plans by suitors are approved by the committee of creditors of the stressed company.
In a filing with the antitrust regulator dated September 11, Vedanta has said the proposed transaction “is not likely to cause any appreciable adverse effect on competition in India”.
