The Competition Commission of India (CCI) has cleared Dalmia Bharat’s proposal to acquire a 100 per cent stake in Jaiprakash Associates (JAL). The proposed combination follows a resolution process of JAL under the bankruptcy law, the antitrust regulator said in a statement on 4 August.
Dalmia Bharat plans to acquire JAL through its wholly-owned arm Dalmia Cement Bharat. JAL is engaged in diverse business activities, such as real estate, cement, hospitality, engineering, procurement and construction, and is currently undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC).The Adani Group, Vedanta, Suraksha Group, Jindal Steel and Power and PNC Infratech are the other bidders for JAL. Under the IBC, the antitrust regulator’s clearance is required before resolution plans are approved by the committee of creditors that comprises financial creditors alone. JAL’s acquisition will help Dalmia Bharat, the country's fourth-largest cement producer, in its expansion plan.
The company aims to raise its capacity to 75Mta by FY27-28, and to 110-130Mta by fiscal FY31 from the current 49.5Mta.
The Adani group, Vedanta Ltd, Jindal Steel and Power Ltd, Suraksha group and PNC Infratech Ltd were among the other bidders for Jaiprakash Associates as part of the insolvency resolution process.
For the 1Q25, Dalmia Bharat reported a consolidated net profit of INR3.93bn (US$44.8m) on revenues of INR36.36bn.
