PNC Infratech Limited has issued a formal clarification regarding a recent news item that appeared on a financial news portal on September 17, 2025, claiming that the Competition Commission of India (CCI) had cleared the acquisition of Jaiprakash Associates by PNC Infratech. The company has categorically stated that this caption is factually incorrect, and no such acquisition has been concluded.

The clarification was issued in response to letters received from both BSE Limited and the National Stock Exchange of India (NSE), seeking explanation over the observed fluctuation in PNC Infratech’s stock price on September 17, 2025, following the circulation of the news report.

Chronology of events leading up to clarification

PNC Infratech has shared a detailed timeline of events to set the record straight:

1. On June 3, 2024, Jaiprakash Associates Limited (JAL) was admitted into the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC).

2. On June 23, 2025, PNC Infratech submitted its initial resolution plan to the Committee of Creditors (CoC) for consideration.

3. On August 11, 2025, the Supreme Court of India directed that CCI approval is a mandatory pre-condition before the CoC can approve a resolution plan involving a "Combination" under the IBC framework. Accordingly, PNC filed an application with the CCI for its proposed resolution plan.

4. On September 16, 2025, the company received communication from the CCI, granting approval of the proposed acquisition, but clearly specifying that the approval would only hold if the resolution plan is ultimately approved by the CoC.

5. On September 17, 2025, a news item was published suggesting that CCI has cleared PNC Infratech’s acquisition of Jaiprakash Associates, which the company asserts is misleading, as the acquisition is still pending final approval from the CoC.

PNC Infratech’s stance

The company has reaffirmed that the news headline was misleading, and while CCI’s approval has indeed been granted, it is conditional and not final. The actual acquisition will only be valid once the Committee of Creditors provides its approval for the resolution plan.

PNC Infratech has also highlighted that it has been in full compliance with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. It has assured the stock exchanges that no non-public, price-sensitive information has been withheld and that it will continue to promptly inform exchanges of any material developments in line with regulatory requirements.

Importance of the clarification

This clarification is crucial not only to correct investor perception but also to ensure transparency in corporate communication, especially in sensitive matters like acquisitions under the Insolvency and Bankruptcy Code. With Jaiprakash Associates being one of the significant entities under CIRP, any news related to its acquisition attracts market attention.

For investors, the statement underscores that the resolution process is ongoing and no definitive acquisition has taken place. It also highlights the importance of due regulatory approvals in complex corporate restructuring cases.

Broader context

This development comes at a time when the infrastructure sector is witnessing increased consolidation, with large companies like PNC Infratech evaluating stressed assets to expand their business portfolio. The acquisition of Jaiprakash Associates, if approved, could significantly boost PNC’s operational capabilities and market share. However, the final outcome depends on CoC approval, which remains pending.

Conclusion

To sum up, PNC Infratech has clarified that no acquisition of Jaiprakash Associates has yet been completed. The company has received conditional approval from the CCI, but the matter is still under review by the Committee of Creditors. Until the CoC provides its final nod, the acquisition cannot be considered complete.

By issuing this clarification, PNC Infratech has reinforced its commitment to regulatory compliance, transparency, and accurate market communication. Investors are advised to await official announcements before drawing conclusions about the progress of the acquisition.

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