Adani Enterprises Limited (AEL) shares jumped more than 2% in early trading after the Competition Commission of India (CCI) approved the acquisition of Jaiprakash Associates Limited (JAL) by entities of the Adani Group.
The proposed acquisition allows Adani Enterprises and Adani Infrastructure and Developers Private Limited (AIDPL), or any other Adani Group entity, to acquire up to 100% stake in JAL. The move comes as JAL continues its corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, following the directions of the National Company Law Tribunal (NCLT), Allahabad Bench.
The Adani Group, a diversified business conglomerate, operates across multiple sectors including energy, resources, logistics, materials, and agro, among others. AEL, the flagship company of the Adani portfolio, and AIDPL, a wholly-owned subsidiary of Adani Properties Private Limited, are spearheading the acquisition. AIDPL also serves as the holding company for all real estate ventures within the Adani Group.
Jaiprakash Associates Limited is a diversified infrastructure player with interests spanning engineering & construction, cement, power, real estate, fertilizers, hospitality, and sports.
Adani Enterprises shares were up 2.35% at ₹2,325.50 apiece around 10.59 am. It has declined 8.98% this year, so far.
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