Indian billionaire Gautam Adani seeks key approval from CCI to acquire another debt-ridden company; its business is...

Billionaire Gautam Adani-promoted Adani Group has sought approval from the Competition Commission of India (CCI) to acquire debt-ridden Jaiprakash Associates Ltd (JAL). The development came after Adani group reportedly made an unconditional bid for the company, which is undergoing corporate insolvency resolution process (CIRP). JAL is an infrastructure conglomerate with interests in engineering and construction, cement, power, real estate, and hospitality.

"The proposed combination relates to the acquisition of up to 100 per cent 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," according to a notice filed with the CCI.

Adani Group writes to CCI

In a notice to CCI, AEL, Adani Infrastructure and Developers, and JAL have said the "proposed combination does not raise competition concerns in any plausible relevant market and therefore, the relevant market delineations may be left open. They have also identified certain potential vertical linkages regarding products/services such as limestone, fly ash, clinker, coal management services, ready mix concrete and provision of construction activities, which are linked to the market for manufacture of cement. "These vertical linkages do not give rise to any competition concerns," the notice stated.

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Another company seeks CCI nod

Last month, Dalmia Cement (Bharat) Ltd also submitted a notice and sought clearance from the fair trade regulator CCI to acquire 100 per cent stake in JAL, including its assets and proportionate shareholding in its subsidiaries, associate companies and joint ventures.

Earlier, lenders of JAL have turned down Jaypee Infratech's request to accept its resolution plan to acquire the bankrupt diversified company. Five companies -- Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech -- have submitted their resolution plans to acquire JAL.

(With inputs from PTI)