The Competition Commission of India (CCI) has approved the proposed acquisition of Jaiprakash Associates Limited (JAL) by PNC Infratech Limited. The transaction involves the acquisition of a minimum 95% and up to 100% stake in JAL by PNC Infratech, either directly or through a wholly owned special purpose vehicle (SPV). 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, specializing in highways, expressways, bridges, flyovers, and airport runways.
Jaiprakash Associates Limited is a diversified infrastructure and industrial company with business interests spanning hydropower generation, cement manufacturing, real estate, hospitality, and EPC contracting.
