The Competition Commission of India (CCI) has granted in-principle approval to Vedanta Ltd for its proposed acquisition of debt-laden Jaiprakash Associates Ltd (JAL), subject to Vedanta winning the ongoing insolvency bid.

In addition to Vedanta, bids submitted by Jindal Power, PNC Infratech, Adani Group, and Dalmia Bharat for JAL have also received clearance from the regulator.

“The proposed combination involves the acquisition of Jaiprakash Associates Ltd by Vedanta Ltd under a corporate insolvency resolution process (CIRP) in accordance with the Insolvency and Bankruptcy Code (IBC), 2016,” the CCI said in a statement.

The regulator confirmed the decision via a post on X (formerly Twitter), stating, “Commission approves acquisition of Jaiprakash Associates Ltd by Vedanta Ltd.”

Following a recent Supreme Court ruling on the IBC, approval from the CCI has become a mandatory requirement before the Committee of Creditors (CoC) votes on any resolution plan submitted for approval.

The CoC of Jaiprakash Associates is still reviewing the resolution plans received, with voting expected to take place shortly.

Last month, Vedanta reportedly outbid the Adani Group to make a winning offer worth Rs 170 billion, translating into a net present value (NPV) of Rs 125.05 billion. Sources said the bid emerged as the top proposal in a competitive process that saw multiple expressions of interest earlier this year.

Jaiprakash Associates, part of the Jaypee Group, has business interests spanning real estate, cement, power, hospitality, and roads, but was admitted to insolvency by the National Company Law Tribunal (NCLT), Allahabad Bench, on 3 June 2024, after defaulting on loan repayments.

According to financial filings, creditors have claimed over Rs 571.85 billion in unpaid dues. The National Asset Reconstruction Company Ltd (NARCL) is the largest claimant, having purchased stressed loans from a consortium led by the State Bank of India.

In April 2025, around 25 companies expressed interest in acquiring JAL, but by June, only five — Vedanta Group, Adani Enterprises, Dalmia Bharat Cement, Jindal Power, and PNC Infratech — submitted final bids with earnest deposits.

Vedanta’s bid marks a significant step in its expansion across India’s natural resources, critical minerals, and energy sectors, further strengthening its position as one of the country’s largest industrial conglomerates.

JAL’s assets include major real estate developments such as Jaypee Greens in Greater Noida, Jaypee Wishtown in Noida, and the Jaypee International Sports City, located near the upcoming Jewar International Airport. The company also owns four cement plants in Madhya Pradesh and Uttar Pradesh, though these are currently non-operational, along with hotel properties in Delhi-NCR, Mussoorie, and Agra.

Another group company, Jaypee Infratech Ltd, has already been acquired by Mumbai-based Suraksha Group through the insolvency process.