The Competition Commission of India (CCI) has approved Dalmia Bharat’s proposal to fully acquire the debt-laden Jaiprakash Associates Ltd (JAL), clearing a key hurdle in the latter’s ongoing insolvency process.The green light from the antitrust regulator allows Dalmia Cement (Bharat) Ltd, a wholly owned subsidiary of Dalmia Bharat Ltd, to submit its resolution plan for JAL, PTI reported. The deal qualifies as a “combination” under the Competition Act, and a Supreme Court mandate requires CCI’s clearance before any such plan can be voted on by the Committee of Creditors (CoC).“The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Ltd by Dalmia Cement (Bharat) Ltd pursuant to a corporate…
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