Conglomerate Jaiprakash Associates Limited, which has been under deep financial stress along with several financial creditors and thousands of homebuyers, will soon see light at the end of the tunnel with the resolution process expected to conclude soon, sources in the know said Sunday.
The Competition Commission of India (CCI) has approved the proposed acquisition of Jaiprakash Associates Limited by PNC Infratech Limited, a release said.
The acquirer is a wholly-owned subsidiary of Dalmia Bharat (DBL) which has been in the manufacture and sale of cement for over 80 years, according to a statement from CCI.