New Delhi, Aug 27 (HS): The Competition Commission of India (CCI) on Wednesday approved the Adani Group’s proposal to acquire a 100% stake in Jaiprakash Associates Limited, paving the way for the infrastructure-to-energy conglomerate’s major expansion move. The regulator said a detailed order will be issued separately.

As per the approved scheme, the acquisition will be executed through Adani Enterprises Limited and Adani Infrastructure & Developers Pvt. Ltd., or other group entities. Notably, Jaiprakash Associates is currently undergoing corporate insolvency resolution proceedings under the Insolvency and Bankruptcy Code, 2016, as directed by the National Company Law Tribunal (NCLT), Allahabad bench.

Adani Enterprises, the flagship company of the diversified Adani portfolio, leads the group’s ventures across energy, resources, logistics, materials, and agribusiness. Adani Infrastructure & Developers Pvt. Ltd., a wholly-owned subsidiary of Adani Properties Pvt. Ltd., serves as the holding company for the group’s real estate businesses.

On the other hand, Jaiprakash Associates Limited (Jaypee Group) has operations spanning engineering and construction, cement, power, real estate, hospitality, fertilizers, and sports infrastructure, marking it as a multi-sector infrastructure player.

The acquisition signals a fresh step in Adani Group’s aggressive expansion strategy, especially in the infrastructure and realty space, while concurrently aiding the revival of an indebted enterprise through the IBC framework.

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Hindusthan Samachar / Jun Sarkar