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Feb 19, 2020

CCI Approves Acquisition of Jaypee Infratech Limited by NBCC (India) Limited

On December 16, 2019, CCI approved the acquisition of Jaypee Infratech Limited (‘Target’) by NBCC (India) Limited (‘NBCC’). NBCC’s acquisition in the Target was pursuant to a resolution plan submitted in the corporate resolution process under the (Indian) Insolvency and Bankruptcy Code, 2016.[1]

CCI noted that NBCC (which is engaged in the business of construction activities) had been appointed by the Hon’ble Supreme Court of India to complete all the construction activities of the Amrapali Group in Noida and Greater Noida. Accordingly, the scope of activities of NBCC was only with respect to construction activities and NBCC would in no manner be involved in the sale of any residential / commercial activity to any person. Additionally, CCI noted that NBCC does not have any presence in any business activities in the geographical regions in which the Target is present.

Accordingly, in the absence of any significant horizontal and vertical overlaps, CCI approved this acquisition.

[1]  Combination Registration No. C-2019/12/711.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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