CCI approves Vedanta’s acquisition of Jaiprakash Associates

The Competition Commission of India (CCI) has cleared the proposed acquisition of Jaiprakash Associates Limited (JAL) by Vedanta Limited under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code, 2016.

Vedanta, a subsidiary of Vedanta Resources Limited, operates across multiple sectors including oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, and power.

JAL, the flagship company of the Jaypee Group, is involved in real estate, cement, hospitality, engineering, procurement, and construction contracting. Its group companies also operate in power, fertilizer, sports, and aviation. JAL is currently undergoing insolvency proceedings under the IBC.

Creditors have filed claims of about Rs 59,000 crore, led by the National Asset Reconstruction Company Limited (NARCL), which took over the group’s stressed loans from a consortium headed by the State Bank of India. The acquisition marks a significant step in resolving one of India’s largest corporate insolvency cases.