CCI Approves Acquisition of Jaiprakash Associates by Dalmia Cement

On Aug 5, 2025, the Competition Commission of India (CCI) has granted approval for Dalmia Cement (Bharat) Limited to acquire Jaiprakash Associates Limited (JAL), marking a significant development in JAL’s ongoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016.

JAL Acquisition Details

The proposed transaction involves the complete (100%) acquisition of JAL by Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited (DBL). DBL, the parent company of the Dalmia Bharat Group, primarily operates in the manufacture and sale of cement, both directly and through its affiliates.

JAL, once a diversified conglomerate with interests in real estate, cement, hospitality, and engineering, procurement & construction (EPC), entered insolvency proceedings on June 3, 2024. The company is currently undergoing CIRP, attracting interest from several major players, including the Adani Group, Vedanta Group, Jindal Steel & Power Ltd (JSPL), PNC Infratech, and Dalmia Group.

JAL Bidding Background

During the most recent round of discussions, lenders requested all resolution applicants to revise their bids, removing conditional clauses and submitting definitive financial offers. However, a critical legal dispute related to JAL’s 1,000-hectare Sports City project in Greater Noida became a hurdle.

In March 2025, the Allahabad High Court upheld the Yamuna Expressway Industrial Development Authority’s (YEIDA) decision to cancel the land allotment for the project. The matter is now under consideration by the Supreme Court, adding uncertainty to the resolution process.

Also Read: Bidders for Jaiprakash Associates are Asked to Submit Revised Bids, Unconditional Plans

A recent Supreme Court directive mandates that resolution applicants must now secure CCI approval before seeking final approval from the Committee of Creditors (CoC). However, the Ministry of Corporate Affairs is reportedly planning to amend this requirement in the proposed changes to the Insolvency and Bankruptcy Code, which would clarify that prior CCI clearance is not mandatory for submitting resolution plans under CIRP.

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