Dalmia Bharat gets CCI nod for Rs 2,500 cr JAL cement

The deal at a glance

Dalmia Bharat Ltd is set to acquire cement assets of Jaiprakash Associates Ltd (JAL) for more than Rs 2,500 crore, according to sources. The proposed transaction would hand Dalmia Bharat control of JAL’s cement manufacturing base that includes 5.2 million tonnes per annum (MTPA) of cement capacity and 3.3 MTPA of clinker capacity. The development comes as the Adani Group works to carve up and integrate key businesses of the infrastructure conglomerate after acquiring it under the insolvency process. Dalmia Bharat did not immediately respond to requests for comment in the reports.

What Dalmia Bharat is buying

The reported transaction centres on JAL’s cement business. Sources said the deal would transfer 5.2 MTPA cement capacity and 3.3 MTPA clinker capacity to Dalmia Bharat. In a separate disclosure referenced in the supplied material, Dalmia Cement (Bharat) Ltd (DCBL), a subsidiary of Dalmia Bharat, executed definitive agreements with JAL for the acquisition of the JP Super Cement Plant in Uttar Pradesh. That transaction was stated at an enterprise value of Rs 1,500 crore, plus costs and expenses of up to Rs 190 crore.

The transaction structure highlighted in the reports points to Dalmia using DCBL, its wholly-owned arm, as the acquisition vehicle. Beyond asset transfers, sources also described a settlement framework signed among Dalmia Bharat, JAL and the Adani Group to resolve disputes tied to the cement business. A formal announcement was expected soon, according to the same sources.

Why the insolvency process matters here

JAL is described as a diversified group with businesses spanning real estate, cement, hospitality, and engineering, procurement and construction (EPC). It is undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC). The Adani Group’s earlier acquisition of JAL under IBC was positioned as one of India’s largest multi-asset infrastructure resolutions, spanning power, EPC, logistics-linked land, real estate, hospitality and ancillary businesses.

For Dalmia Bharat, the IBC context matters because the transaction has moved beyond a standard bilateral deal. Regulatory and creditor approvals are central to how and when ownership changes hands. In one of the reports, the Competition Commission of India (CCI) noted that the acquisition is being pursued pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016.

CCI clears Dalmia Bharat’s 100% acquisition proposal

The CCI has approved Dalmia Bharat’s proposal to acquire a 100% stake in Jaiprakash Associates, clearing a key hurdle in the process. The antitrust regulator described the deal as a “combination” under the Competition Act. The material also notes a Supreme Court mandate that requires CCI clearance before a resolution plan can be voted on by the Committee of Creditors (CoC).

The proposed combination envisages 100% acquisition of JAL by Dalmia Cement (Bharat) Ltd, Dalmia Bharat’s wholly owned subsidiary. After CCI approval, the proposal is expected to move to the CoC for a final decision, as described in the reports.

Settlement of older disputes and stalled agreements

Dalmia Bharat had previously entered into an agreement with JAL for the cement assets before JAL entered insolvency proceedings, but the transaction ran into legal disputes and shareholder challenges. Sources said Dalmia has now signed an agreement with JAL and the Adani Group to settle all disputes, pending legal proceedings, arbitral awards, and prior framework arrangements related to the cement business.

The supplied material also references earlier steps. On December 12, 2022, Dalmia Bharat announced it would acquire cement assets of Jaypee Group’s flagship company JAL and its associate firm at an enterprise value of Rs 5,666 crore. In April 2023, a definitive agreement was signed for the cement business, but the deal remained incomplete amid lender discussions and an arbitration with UltraTech, and pending discussions involving banks and the National Asset Reconstruction Company Ltd (NARCL).

Who else is in the race for JAL

Multiple reports list other bidders that have participated or shown interest during the insolvency resolution process. Names mentioned include Adani Enterprises (Adani Group), Vedanta, Suraksha Group, Jindal Steel and Power (also referred to as Jindal Power in some reports), and PNC Infratech.

Some of these bidders have also approached the CCI to seek approval to submit their own resolution plans to the CoC. Another report notes that multiple companies submitted their resolution plans before a June 24, 2025 deadline.

Timeline of key reported milestones

The story has unfolded over several stages: earlier acquisition announcements, subsequent disputes, insolvency proceedings, and regulatory review. CCI’s clearance is a major gating item, but creditor approval remains crucial in an IBC-led process. The reports also indicate that Dalmia Bharat is currently the only bidder to have secured CCI clearance at the time of publication.

Key facts table

Market and industry implications from the reported facts

For Dalmia Bharat, the transaction would add meaningful operating capacity through JAL’s cement and clinker assets, based on the reported 5.2 MTPA and 3.3 MTPA figures. For JAL’s ongoing insolvency, CCI clearance allows Dalmia’s resolution plan to progress within the formal framework that ultimately depends on creditor voting.

The presence of multiple large bidders underscores that the asset base and the broader JAL platform are being evaluated across different strategic priorities. Separately, the sources’ description of a settlement with the Adani Group is notable because it attempts to remove legacy disputes that previously delayed closure, including pending legal proceedings and arbitral issues tied to the cement business.

Analysis: why CCI clearance is a pivotal step

CCI approval does not conclude an IBC resolution, but it removes a key regulatory blocker that can prevent plans from reaching the creditor vote. In this case, the regulator’s clearance positions Dalmia Bharat to advance its proposal through the CoC process, which is the core decision-making body in insolvency resolutions.

The reports also show why transaction certainty matters. Dalmia Bharat’s earlier framework and definitive agreements faced setbacks due to disputes, shareholder challenges, and ongoing lender discussions. The newly referenced settlement arrangement, alongside CCI approval, signals an attempt to streamline the path from agreement to execution, though final outcomes remain dependent on insolvency and creditor procedures described in the reports.

What to watch next

The next milestone flagged in the reports is the CoC’s consideration and final decision on the resolution plan. Separately, sources indicated a formal announcement on the settlement and the cement-assets transaction was expected soon. Any further updates are likely to focus on creditor voting, final documentation under the insolvency process, and clarity on which parts of JAL’s portfolio are being transferred and on what terms.