CCI approves Dalmia Cement's acquisition of Jaiprakash Associates and Theobroma stake sale
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The Competition Commission of India (CCI) has approved the acquisition of Jaiprakash Associates Ltd by Dalmia Cement (Bharat). The anti-trust regulator has also approved the acquisition of equity shareholding of bakery and confectionery products maker Theobroma Foods Private Ltd by Infinity Partners, Aqua Investments Limited and Atreides Investments B.V.
"The Proposed Combination envisages 100% acquisition of Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited(Acquirer) under a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC).
Dalmia Cement is a wholly owned subsidiary of cement maker Dalmia Bharat, the ultimate parent entity of the Dalmia Bharat Group. Jaiprakash Associates is engaged in diverse businesses -- real estate, cement, hospitality, engineering, procurement, & construction (EPC) and is currently undergoing a CIRP under the IBC.
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The acquisition deal, signed in December 2022, was valued at ₹5,666 crore. The acquisition will enable Dalmia Bharat to expand its footprint into the central region, which has one of the lowest per capita cement consumption in India. With this acquisition, Dalmia Bharat is looking to emerge as a pan-India cement company with a capacity of 75 million tonnes by FY27 and 110‐130 million tonnes by FY31.
Theobroma stake sale
Approving the Theobroma Foods stake sale, the CCI said the proposed combination relates to the acquisition of certain equity shareholding of Theobroma Foods (Theobroma) by Infinity Partners, Aqua Investments Limited and Atreides Investments B.V., who are private equity investors belonging to the ChrysCapital group of entities.
They have acquired a 90% stake in Theobroma for ₹2,410 crore, buying out ICICI Ventures and a part of the promoter family's holding. Theobroma operates its patisseries and stores across 200 locations in 30 cities in India, along with an online platform and other online sales channels.
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