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The Competition Commission of India (CCI) has approved the proposed acquisition of Jaiprakash Associates Limited by PNC Infratech Limited, a release said.
According to the official release, the proposed combination relates to the acquisition of minimum 95% and maximum up to 100% of Jaiprakash Associates Limited (JAL) by PNC Infratech Limited (PNC Infratech/Acquirer), or through a special purpose vehicle company that the Acquirer may incorporate in the future as its wholly owned subsidiary to acquire JAL. JAL is currently undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. PNC Infratech is a publicly listed infrastructure company in India engaged primarily in the execution of Engineering, Procurement, and Construction (EPC) projects, primarily in the road and highway sector. Its core activities include construction of highways, expressways, bridges, flyovers, airport runways, and other infrastructure projects. JAL is a diversified infrastructure and industrial company engaged in sectors including hydropower generation, cement manufacturing, real estate development, hospitality, and EPC contracting, said the release. (ANI)
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