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.

Published In:Inter Alia Special Edition- Competition Law - February 2020 [ English
Date: February 19, 2020