CCI Greenlights PNC Infratech’s Big Move to Acquire Jaiprakash Associates
In a key development for India’s infrastructure sector, the Competition Commission of India (CCI) has given the nod to PNC Infratech Limited’s plan to take over Jaiprakash Associates Limited (JAL). This approval came through an official release on September 17 from New Delhi.
The deal involves PNC Infratech snapping up at least 95% and up to 100% of JAL’s shares. PNC might even set up a special purpose vehicle (SPV) as its fully owned subsidiary to handle the acquisition. Right now, JAL is in the middle of a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, which means it’s working through financial restructuring.
PNC Infratech, a well-known publicly listed company in India, focuses on building major infrastructure projects. They specialize in Engineering, Procurement, and Construction (EPC) work, especially roads and highways. From constructing expressways and bridges to flyovers, airport runways, and more, PNC plays a big role in connecting the country.
On the other hand, Jaiprakash Associates is a major player in multiple areas. It handles hydropower generation, cement production, real estate projects, hospitality services, and EPC contracts. This acquisition could shake up the infrastructure and construction landscape in India, blending PNC’s strengths with JAL’s diverse portfolio.
Experts see this as a positive step for the EPC sector, potentially boosting efficiency and growth in highways and other key projects. Stay tuned for more updates on this corporate merger.
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