CCI Clears Dalmia's Bid To Acquire Jaiprakash Associates

07 Aug 2025 CW Team

The CCI confirmed the clearance in a press statement issued on Tuesday, noting that a detailed order will be released in due course. The acquisition is part of a corporate insolvency resolution process (CIRP), and Dalmia Cement is a wholly owned subsidiary of Dalmia Bharat Limited (DBL), the flagship company of the Dalmia Bharat Group, which is primarily involved in cement manufacturing and sales.

JAL, a diversified conglomerate, is active in sectors including real estate, cement, hospitality, and engineering, procurement and construction. The company entered insolvency proceedings on 3 June 2024.

Alongside Dalmia, other bidders for JAL include the Adani Group, whose application is still pending with the CCI, as well as Vedanta Group, Jindal Steel & Power Ltd (JSPL), and PNC Infratech. The lenders had recently asked all resolution applicants to submit revised proposals free of conditional clauses and with clearly defined bid amounts.

However, many bids remain dependent on the outcome of an ongoing legal dispute surrounding Jaiprakash’s 1,000-hectare Sports City project in Greater Noida. In March, the Allahabad High Court upheld the Yamuna Expressway Industrial Development Authority’s (Yeida) decision to cancel the project’s land allotment. The case is now pending before the Supreme Court.

Following a recent Supreme Court ruling, resolution applicants must now obtain CCI approval before seeking clearance from the CoC. The Ministry of Corporate Affairs is, however, expected to propose amendments to the IBC that would clarify this requirement and potentially allow bids to be submitted without prior antitrust clearance.

The Competition Commission of India (CCI) has approved the proposed acquisition of a 100 per cent stake in Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited. JAL is currently undergoing insolvency resolution proceedings under the Insolvency and Bankruptcy Code (IBC), 2016. This approval marks a significant step ahead of the final decision by the committee of creditors (CoC), which is yet to select the successful bidder.The CCI confirmed the clearance in a press statement issued on Tuesday, noting that a detailed order will be released in due course. The acquisition is part of a corporate insolvency resolution process (CIRP), and Dalmia Cement is a wholly owned subsidiary of Dalmia Bharat Limited (DBL), the flagship company of the Dalmia Bharat Group, which is primarily involved in cement manufacturing and sales.JAL, a diversified conglomerate, is active in sectors including real estate, cement, hospitality, and engineering, procurement and construction. The company entered insolvency proceedings on 3 June 2024.Alongside Dalmia, other bidders for JAL include the Adani Group, whose application is still pending with the CCI, as well as Vedanta Group, Jindal Steel & Power Ltd (JSPL), and PNC Infratech. The lenders had recently asked all resolution applicants to submit revised proposals free of conditional clauses and with clearly defined bid amounts.However, many bids remain dependent on the outcome of an ongoing legal dispute surrounding Jaiprakash’s 1,000-hectare Sports City project in Greater Noida. In March, the Allahabad High Court upheld the Yamuna Expressway Industrial Development Authority’s (Yeida) decision to cancel the project’s land allotment. The case is now pending before the Supreme Court.Following a recent Supreme Court ruling, resolution applicants must now obtain CCI approval before seeking clearance from the CoC. The Ministry of Corporate Affairs is, however, expected to propose amendments to the IBC that would clarify this requirement and potentially allow bids to be submitted without prior antitrust clearance.

Infrastructure Urban

06 Apr 2026

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

Infrastructure Urban

06 Apr 2026

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

Infrastructure Energy

06 Apr 2026

G R Infraprojects Secures Rs 4,130 Million BESS Contract From NTPC

G R Infraprojects said it has secured a contract from NTPC to supply and implement a battery energy storage system (BESS) valued at Rs 4,130 million (mn). The company reported the order was awarded as part of NTPC's ongoing efforts to enhance grid flexibility and energy storage capacity. The contract represents a notable addition to the firm's project pipeline and underscores demand for utility scale storage solutions. The award is expected to strengthen G R Infraprojects' presence in the energy infrastructure sector and to contribute to the firm's order book and future revenues, subject to st..