On 5th August 2025, the Competition Commission of India (CCI), under the Ministry of Corporate Affairs (MCA), has approved the following two proposals:
- Approved the acquisition of 100% stake in Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited (DBL).
- Approved the acquisition of 90% equity shareholding of Theobroma Foods Private Limited by three private equity entities – Infinity Partners, Aqua Investments Limited, and Atreides Investments B.V., which collectively belong to the ChrysCapital Group.
Exam Hints:
- What? CCI Approvals
- Acquirer: Dalmia Cement (Bharat) Limited
- Target: Jaiprakash Associates Limited
- Stake ownership: 100%
- Transaction Value: Rs. 5,666 crore
- Acquirer: Infinity Partners, Aqua Investments Limited and Atreides Investments B.V. (ChrysCapital entities)
- Target: Theobroma Foods Private Limited
- Stake ownership: 90%
- Transaction Value: Rs. 2,410 crore
CCI Approves Acquisition of Jaiprakash Associates by Dalmia Cement (Bharat):
Approval: The CCI approved the proposed acquisition of 100% stake in Noida, Uttar Pradesh (UP) based JAL by New Delhi (Delhi)-based Dalmia Cement (Bharat) Limited (Acquirer), a wholly owned subsidiary of DBL.
- The acquisition was proposed under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC), 2016.
Valuation: The acquisition deal was valued at Rs. 5,666 crore and was initiated in December 2022.
NCLT Admission: The acquisition follows the admission of JAL into CIRP by the National Company Law Tribunal (NCLT), Allahabad Bench(Uttar Pradesh, UP), on 3rd June 2025.
About Entities:
DBL: It is the parent company of the Dalmia Bharat Group, which mainly operates in the manufacture and sale of cement.
JAL: A part of the Jaypee Group, JAL is involved in various sectors including real estate, cement, hospitality, and EPC (Engineering, Procurement & Construction).
CCI Approves Equity Acquisition in Theobroma Foods Private Limited by ChrysCapital Group Entities
Approval: The CCI approved the acquisition of 90% equity shareholding of Mumbai (Maharashtra)-based Theobroma Foods Private Limited by three private equity entities (Acquirer), namely Infinity Partners, Aqua Investments Limited, and Atreides Investments B.V., which collectively belong to the ChrysCapital Group.
- The founders are expected to retain approximately 10% ownership in the company.
Transaction Value: The transaction is valued at Rs. 2,410 crore.
Stake Acquisition: The acquisition involved purchasing the stake from ICICI Ventures, subsidiary of ICICI Bank and a part of the promoter family’s shareholding.
About Entities:
Theobroma Foods Private Limited: It is a bakery and confectionery brand that manufactures and sells food and beverages through over 200 patisseries and stores in 30 Indian cities.
ChrysCapital: It is a private equity investment firm with a focus on growth-oriented investments across sectors like financial services, healthcare, consumer goods, and technology.
