India’s Competition Commission (CCI) has approved Jindal Power Ltd (JPL), a subsidiary of Jindal Steel & Power Ltd, to acquire debt-laden Jaiprakash Associates Ltd (JAL Group). The diversified infrastructure and industrial company, active in hydropower, cement, real estate, hospitality and EPC contracting, is currently undergoing insolvency proceedings under the IBC framework.
The clearance is a key step, but the final outcome rests with the Committee of Creditors (CoC), which is still reviewing resolution plans. A vote on JPL’s proposal is expected in due course. Creditors of JAL are seeking claims totalling INR571.85bn (US$6.86bn).
If successful, the acquisition would mark a significant expansion for Jindal Power, adding JAL’s diverse assets and cement capacity to its portfolio, while offering creditors a potential recovery path from one of India’s largest ongoing insolvency cases.
