Coal news and updates

CCI okays Dalmia Bharat to acquire Jaiprakash Associates

The Competition Commission of India (CCI) has approved Dalmia Bharat’s proposal to acquire 100 percent stake at Jaiprakash Associates (JAL), according to information available with ICMW.

JAL’s acquisition will help Dalmia Bharat to raise its annual capacity from the present 49.5 million tons (mt) to 75 mt by FY28, and to 110-130 mt by FY31.

The Adani group company reportedly made an unconditional bid for debt-ridden Jaiprakash Associates Ltd. which is undergoing corporate insolvency resolution process.

"The proposed combination relates to the acquisition of up to 100% 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.

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.