 "Banks eye control of Jaiprakash Associates in debt-for-equity swap: Sources")
The Competition Commission of India on Wednesday approved the acquisition of certain assets of Jaiprakash Associates Ltd and its associate by Dalmia Cement (Bharat) Ltd.
The proposed combination relating to acquisition of clinker, cement and power plants belonging to Jaiprakash Associates Ltd and its associate by the Dalmia Cement (Bharat) Ltd, according to an official release.
Dalmia Cement (Bharat) Ltd is a wholly-owned subsidiary of Dalmia Bharat Ltd (DBL). DBL engages in the business of manufacture and sale of cement, sugar and refractory services. DBL is the ultimate parent entity of the Dalmia Bharat Group.
The assets are engaged in the manufacture and sale of clinker, grey cement and thermal power generation in the states of Madhya Pradesh, Uttar Pradesh and Chhattisgarh.
Deals beyond a certain threshold have to be approved by CCI, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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