The Competition Commission of India (CCI) has given its green signal to three significant transactions, including the proposed acquisition of Jaiprakash Associates Ltd (JAL) by the Adani Group, which is being seen as a landmark insolvency-driven takeover.
CCI has approved the acquisition of up to 100% shareholding of JAL by Adani Enterprises Ltd (AEL), Adani Infrastructure and Developers Pvt Ltd (AIDPL), or any other Adani Group entity. JAL, a diversified infrastructure conglomerate with businesses spanning engineering & construction, cement, real estate, hospitality, power, fertilizers, and sports, is currently under a corporate insolvency resolution process before the NCLT, Allahabad Bench.
Adani Enterprises, the flagship of the Adani portfolio, and AIDPL, the real estate holding arm of the group, have emerged as frontrunners with an unconditional bid of ₹12,600 crore. This gives them an edge over rival bidders, including Dalmia Bharat, Vedanta, Jindal Power, and PNC Infratech, many of whose offers are conditional on resolving land disputes related to JAL’s projects. Creditors of JAL have claimed dues of around ₹57,185 crore.
In a separate deal, CCI has cleared the acquisition of an additional 40% stake in PSA Bharat Investments Pte. Ltd. by PSA India Pte. Ltd. from AIN Investment Ltd. Following the transaction, PSA India will hold 100% ownership in the Singapore-based investment holding company, which has stakes in Indian subsidiaries engaged in container terminal services. PSA India, a wholly owned subsidiary of PSA International Pte. Ltd., has a strong presence in the maritime supply chain sector in India.
Additionally, the regulator has approved the proposed acquisition of a stake in V.I.P. Industries Ltd, India’s largest luggage and travel accessories maker, by a consortium comprising Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF), Samvibhag Securities Pvt. Ltd., and individual investors Mithun Padam Sacheti and Siddhartha Sacheti. The Multiples group, through its funds, has investments across consumer, industrials, IT, financial services, healthcare, and pharmaceuticals. Samvibhag is backed by investor Akash Bhanshali.
The approvals underscore CCI’s active role in facilitating major transactions across sectors ranging from infrastructure and real estate to ports and logistics and consumer goods, reflecting a phase of consolidation and investment momentum in India Inc.