Khaitan & Co Advised Jindal Power Limited On Unconditional Approval From Competition Commission Of India For Acquisition Of Jaiprakash Associates Limited

Khaitan & Co advised Jindal Power Limited on unconditional approval from Competition Commission of India for acquisition of Jaiprakash Associates Limited

Khaitan & Co, the leading law firm in India, advised and assisted Jindal Power Limited (“Jindal Power”) in securing unconditional approval from the Competition Commission of India for its proposed acquisition of Jaiprakash Associates Limited (“JAL”).

The transaction was proposed to be undertaken pursuant to the corporate insolvency resolution process (CIRP) being undergone by JAL under the Insolvency and Bankruptcy Code, 2016.

The transaction involved the acquisition of a company undergoing corporate insolvency resolution through a court-approved Resolution Plan. The combination was structured to facilitate the revival of JAL’s diverse business portfolio across sectors such as power, cement, and infrastructure, involving three horizontal overlaps and ten potential vertical overlaps.

This deal represents one of the few comprehensive competition assessments of a distressed asset acquisition under the Insolvency and Bankruptcy Code, 2016, involving a multi-sector conglomerate and a complex multi-market overlap analysis under the merger control regime of the Competition Act, 2002.

Jindal Power is a leading private sector power generation company in India, engaged in the development and operation of thermal and renewable energy assets. Its operations span large-scale coal-based power plants and emerging renewable energy projects.

Jaiprakash Associates Limited (“JAL”), listed on the National Stock Exchange of India Limited and BSE Limited, is primarily engaged in engineering and construction, cement, power, real estate development, and hotel/hospitality business segments.

The core Khaitan & Co team comprised Anisha Chand (Partner), Tanveer Verma (Principal Associate),Armaan Gupta (Senior Associate), Toshika Soni (Associate), Aujaswi Maken (Associate), and Joshua George (Associate).

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