PNC Infratech clarifies news regarding its acquisition of Jaiprakash Associates. While the Competition Commission of India (CCI) approved the acquisition, the resolution plan remains under consideration by the Committee of Creditors (CoC). The CCI’s approval is conditional and depends on the plan’s final approval by the CoC. No acquisition has been concluded yet.
Acquisition Plan Status
PNC Infratech addresses recent news regarding its potential acquisition of Jaiprakash Associates Limited (JAL). The company clarifies that reports stating the acquisition has been finalized are inaccurate. While the Competition Commission of India (CCI) has provided conditional approval, the resolution plan is still under review by the Committee of Creditors (CoC).
Timeline of Key Events
June 3, 2024: Jaiprakash Associates Limited was admitted into the Corporate Insolvency Resolution Process (CIRP).
June 23, 2025: PNC Infratech Limited submitted its initial resolution plan to the Committee of Creditors.
August 14, 2025: The company filed an application with the CCI seeking approval for the proposed acquisition, a mandatory step for resolution plans involving combinations under the Insolvency and Bankruptcy Code (IBC).
September 16, 2025: PNC Infratech received communication from the CCI conveying approval of the proposed acquisition contemplated under the resolution plan. The approval is contingent upon the ultimate approval of the plan by the CoC.
Source: BSE
