Acquisitions18 Sept 2025, 11:16 am
CCI Approves PNC Infratech's Proposed Acquisition of Jaiprakash Associates, But No Acquisition Concluded Yet
AI Summary
PNC Infratech Ltd. has acknowledged the receipt of a letter regarding a news item that appeared on cnbctv18.com and the observed price fluctuation in their Company's stock on September 17, 2025. The news item stated that the Competition Commission of India (CCI) had cleared PNC Infratech's acquisition of Jaiprakash Associates. However, PNC Infratech clarified that this caption is factually incorrect. The resolution plan remains under consideration of the Committee of Creditors (COC). The Company received communication from the CCI conveying its approval of the proposed acquisition contemplated under the resolution plan on September 16, 2025, but no acquisition has been concluded yet.
Key Highlights
- Jaiprakash Associates Limited was admitted into the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) on June 3, 2024.
- PNC Infratech Limited submitted its initial resolution plan to the Committee of Creditors (CoC) on June 23, 2025.
- PNC Infratech filed an application before the CCI seeking approval of the proposed resolution plan.
- The Company received approval of the proposed acquisition from the CCI on September 16, 2025, subject to the plan being approved by the CoC.
- No acquisition has been concluded yet, and the resolution plan remains under consideration of the COC.