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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 and industrial group with interests in hydropower generation, cement manufacturing, real estate development, hospitality, and EPC contracting.
JAL has been among India's most high-profile debt-stressed companies, weighed down by loans exceeding ₹20,000 crore. Its cement and real estate assets have attracted multiple bidders in recent years as part of the insolvency process.
The acquisition gives PNC Infratech an opportunity to diversify beyond roads and highways and gain a foothold in cement and power, sectors that could complement its EPC expertise.
The CCI said a detailed order will be issued separately.
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 and industrial group with interests in hydropower generation, cement manufacturing, real estate development, hospitality, and EPC contracting.
JAL has been among India's most high-profile debt-stressed companies, weighed down by loans exceeding ₹20,000 crore. Its cement and real estate assets have attracted multiple bidders in recent years as part of the insolvency process.
The acquisition gives PNC Infratech an opportunity to diversify beyond roads and highways and gain a foothold in cement and power, sectors that could complement its EPC expertise.
The CCI said a detailed order will be issued separately.
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