CCI nod for Vedanta’s bid to acquire Jaiprakash Associates

Core Viewpoint - The Competition Commission of India (CCI) has granted in-principle approval for Vedanta's proposal to acquire Jaiprakash Associates Ltd (JAL) during its ongoing insolvency proceedings [1][2][3]. Group 1: Acquisition Details - Vedanta's winning bid for JAL was ₹17,000 crore, translating to a net present value (NPV) of ₹12,505 crore [7][8]. - Other bidders included Jindal Power, PNC Infratech, Adani Group, and Dalmia Bharat, all of which had their proposals cleared by the CCI [1][2]. Group 2: Insolvency Process - JAL entered the corporate insolvency resolution process (CIRP) after defaulting on loan payments, with financial creditors claiming ₹57,185 crore in unpaid dues [9][11]. - The National Asset Reconstruction Company Ltd (NARCL) is the leading claimant after acquiring stressed JAL loans from a consortium of lenders [9]. Group 3: Company Background - JAL has diverse interests, including real estate, cement, power, hotels, and roads, and has major projects like Jaypee Greens and Jaypee International Sports City [12][13]. - The company operates four cement plants in Madhya Pradesh and Uttar Pradesh, although these plants are currently non-operational [13].