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…