Connect with us

Concrete

CCI Clears Vedanta’s Rs 170 Billion Bid For Jaiprakash Associates

Competition watchdog approves Vedanta’s proposed acquisition under IBC.

Published

on

Shares

The Competition Commission of India (CCI) has granted in-principle approval to Vedanta Ltd for its proposed acquisition of debt-laden Jaiprakash Associates Ltd (JAL), subject to Vedanta winning the ongoing insolvency bid.

In addition to Vedanta, bids submitted by Jindal Power, PNC Infratech, Adani Group, and Dalmia Bharat for JAL have also received clearance from the regulator.

“The proposed combination involves the acquisition of Jaiprakash Associates Ltd by Vedanta Ltd under a corporate insolvency resolution process (CIRP) in accordance with the Insolvency and Bankruptcy Code (IBC), 2016,” the CCI said in a statement.

The regulator confirmed the decision via a post on X (formerly Twitter), stating, “Commission approves acquisition of Jaiprakash Associates Ltd by Vedanta Ltd.”

Following a recent Supreme Court ruling on the IBC, approval from the CCI has become a mandatory requirement before the Committee of Creditors (CoC) votes on any resolution plan submitted for approval.

The CoC of Jaiprakash Associates is still reviewing the resolution plans received, with voting expected to take place shortly.

Last month, Vedanta reportedly outbid the Adani Group to make a winning offer worth Rs 170 billion, translating into a net present value (NPV) of Rs 125.05 billion. Sources said the bid emerged as the top proposal in a competitive process that saw multiple expressions of interest earlier this year.

Jaiprakash Associates, part of the Jaypee Group, has business interests spanning real estate, cement, power, hospitality, and roads, but was admitted to insolvency by the National Company Law Tribunal (NCLT), Allahabad Bench, on 3 June 2024, after defaulting on loan repayments.

According to financial filings, creditors have claimed over Rs 571.85 billion in unpaid dues. The National Asset Reconstruction Company Ltd (NARCL) is the largest claimant, having purchased stressed loans from a consortium led by the State Bank of India.

In April 2025, around 25 companies expressed interest in acquiring JAL, but by June, only five — Vedanta Group, Adani Enterprises, Dalmia Bharat Cement, Jindal Power, and PNC Infratech — submitted final bids with earnest deposits.

Vedanta’s bid marks a significant step in its expansion across India’s natural resources, critical minerals, and energy sectors, further strengthening its position as one of the country’s largest industrial conglomerates.

JAL’s assets include major real estate developments such as Jaypee Greens in Greater Noida, Jaypee Wishtown in Noida, and the Jaypee International Sports City, located near the upcoming Jewar International Airport. The company also owns four cement plants in Madhya Pradesh and Uttar Pradesh, though these are currently non-operational, along with hotel properties in Delhi-NCR, Mussoorie, and Agra.

Another group company, Jaypee Infratech Ltd, has already been acquired by Mumbai-based Suraksha Group through the insolvency process.

Concrete

JSW Cement Commissions 1 MTPA Unit in Rajasthan

Rajasthan grinding capacity rises to 3.50 MTPA after commissioning

Published

on

By

Shares

JSW Cement has commissioned an additional 1 MTPA cement grinding unit in Nagaur, Rajasthan, taking the company’s total cement grinding capacity to 25.1 MTPA. The commissioning was announced on Tuesday, October 6.

The company said the new unit had increased the total cement grinding capacity at its Rajasthan plant to 3.50 MTPA. The expansion adds to JSW Cement’s production infrastructure as it continues to build capacity across its operating network.

The company’s total clinker manufacturing capacity, including capacity at its joint venture JSW Cement FZC, stands at 9.74 MTPA. Clinker is an intermediate material used in cement production, and its availability supports the company’s grinding operations.

JSW Cement is also pursuing a proposed merger of its listed subsidiary Shiva Cement with the company. The scheme, approved by the boards of the respective companies, involves issuing five fully paid-up JSW Cement equity shares for every 41 shares held by Shiva Cement shareholders other than JSW Cement.

The arrangement remains subject to shareholder and regulatory approvals. JSW Cement currently holds 66.23 per cent of Shiva Cement’s paid-up equity share capital, and the shares held by JSW Cement in the subsidiary will be cancelled under the proposal without any issue of JSW Cement shares against that holding.

The scheme has an appointed date of April 1, 2026, and the company has indicated that completion could take 12 to 14 months, depending on the receipt of approvals. These include clearances from stock exchanges, the Securities and Exchange Board of India, the National Company Law Tribunal and other applicable authorities, along with approvals from shareholders and creditors where required. JSW Cement shares closed at Rs. 113.15 on the BSE, up Rs. 2.05, or 1.85 per cent.

Continue Reading

Concrete

Wonder Cement appoints Mahesh Singh as VP Corporate Brand Communication 

Published

on

By

Shares

Singh brings 20+ years of brand and marketing experience, and will lead integrated corporate brand communication initiatives at Wonder Cement 

New Delhi

Wonder Cement, a leading cement manufacturer, has appointed Mahesh Singh as Vice President – Corporate Brand Communication. In his new role, he will oversee corporate brand strategy and communication, including digital and performance marketing, public relations, trade, events, exhibitions, sports and experiential marketing. 

Singh brings over two decades of experience across marketing and communications, with roles spanning the automotive industry, agencies and entrepreneurship. He spent more than a decade with Honda Motorcycle & Scooter India, working across integrated communication, media, digital, retail and consumer engagement. His stint also included helping build the company’s digital marketing capabilities. 

He moved to dentsu X India as Vice President – Strategy & Planning, working across categories such as automotive, auto components, electric vehicles, FMCG, consumer electronics, BFSI, apparel and brand consulting. His responsibilities included media and marketing strategy, product launches, content, performance marketing and consumer activations. 

Singh subsequently took an entrepreneurial route with Radiant Brands before joining Shriram Ltd (SPR Autotech) as Head – Marketing & Communications. There, his remit included brand and corporate strategy, communications, PR and ORM, retail identity, loyalty programmes and events. 

At Wonder Cement, Singh will be responsible for bringing together the company’s corporate brand communication initiatives across digital, performance marketing, PR, trade, sports and experiential platforms. The role will focus on creating an integrated approach to communication across consumers, trade partners and other key stakeholders. 

The appointment brings to Wonder Cement a marketer whose career has spanned the brand, agency and entrepreneurial sides of the communications ecosystem. 

Wonder Cement, part of the RK Group, is a cement manufacturer with roots in Rajasthan and a focus on quality, trust and transparency. The company has grown to six manufacturing plants, and a cement capacity of 21.5 MTPA. With more than 2,000 employees and a network of over 5,000 dealers, its operations span manufacturing, distribution and customer engagement, with a focus on consistent product quality and efficient execution. 

Continue Reading

Concrete

JSW Cement commissions additional 1 MTPA grinding unit in Rajasthan

The Nagaur expansion takes JSW Cement’s total grinding capacity to 25.10 MTPA.

Published

on

By

Shares



JSW Cement has commissioned an additional 1 million tonne per annum (MTPA) cement grinding unit at its Nagaur Integrated Plant in Rajasthan. The commissioning takes the company’s total cement grinding capacity to 25.10 MTPA. 
JSW Cement’s total clinker manufacturing capacity, including its joint venture JSW Cement FZC, now stands at 9.74 MTPA.
The company began operations in North India in March 2026 with the Nagaur Integrated Plant, comprising a 3.30 MTPA clinkerisation unit and a 2.50 MTPA cement grinding unit. With the latest expansion, the plant’s total grinding capacity has increased to 3.50 MTPA.
The additional capacity will cater to cement demand across Rajasthan, Haryana, Punjab and the National Capital Region (NCR). The expansion has been funded through a combination of equity and long-term debt.
During the quarter ended September 30, 2026, JSW Cement also commissioned an Alternate Fuel Handling System and a Waste Heat Recovery System (WHRS) at the Nagaur plant.
Nilesh Narwekar, CEO, JSW Cement, said the additional grinding capacity was a strategic priority for the company’s expansion in North India. He added that the Alternate Fuel Handling System and WHRS were expected to reduce production costs.

Continue Reading

Video Thumbnail
▶

    SIGN-UP FOR OUR GENERAL NEWSLETTER

    Trending News

    SUBSCRIBE TO THE NEWSLETTER

     

    Don't miss out on valuable insights and opportunities to connect with like minded professionals.

     


      This will close in 0 seconds