The Competition Commission of India (CCI) has approved the proposed acquisition of debt-laden Jaiprakash Associates Limited (JAL) by PNC Infratech Limited.
Under the deal, PNC Infratech will acquire at least 95% and up to 100% of JAL, either directly or through a special purpose vehicle that it may incorporate as a wholly-owned subsidiary. JAL is currently undergoing corporate insolvency resolution under the Insolvency and Bankruptcy Code, 2016.
PNC Infratech, a publicly-listed infrastructure company, is primarily engaged in engineering, procurement and construction (EPC) projects in the road and highway sector, including highways, expressways, bridges, flyovers, and airport runways.
JAL, on the other hand, is a diversified infrastructure…