Mumbai, July 23 (UNI) The Adani group sought the approval of the Competition Commission of India (CCI) to acquire Jaiprakash Associates Ltd on Tuesday, according to a notice filed with the CCI.
“The proposed combination relates to the acquisition of up to 100% of the shareholding of the target (Jaiprakash Associates Ltd) by the acquirers (Adani Enterprises Ltd and Adani Infrastructure and Developers Pvt Ltd) or any other entity forming part of the Adani Group,” the notice filed with the CCI stated.
In the notice to CCI, Adani Enterprises Ltd, Adani Infrastructure & Developers as well as JAL said the “proposed combination does not raise competition concerns in any plausible relevant market and therefore, the relevant market delineations may be left open”.
These companies have also identified certain potential vertical linkages regarding products as well as services like limestone, fly ash, clinker, coal management services, ready mix concrete and provision of construction activities, which are related to the manufacture of cement.
“These vertical linkages do not give rise to any competition concerns,” the notice stated.
Earlier, the Adani group had made an unconditional bid for debt-ridden Jaiprakash Associates Ltd (JAL), which is undergoing a corporate insolvency resolution process (CIRP).
Adani Enterprises Ltd (AEL) is the flagship company of the Gujarat-based Adani Group. JAL is an infrastructure conglomerate with interests in engineering and construction, cement, power, real estate and hospitality.
JAL has real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida and the Jaypee International Sports City, near the upcoming Jewar International Airport.
JAL also has four cement plants in Madhya Pradesh and Uttar Pradesh, besides a few leased limestone mines in Madhya Pradesh.
