Adani Power announced on Thursday, 20 May, that it has finalised agreements with Jaiprakash Associates to purchase a 24% stake in Jaiprakash Power Ventures and the 180 MW Churk thermal power plant located in Uttar Pradesh, as part of a resolution plan approved by the NCLT for JAL.
In this deal, Adani Power entered into a Share Purchase Agreement to acquire JAL’s 24% ownership in JPVL for approximately ₹2,993.6 crore. Additionally, the company signed a Business Transfer Agreement to acquire the Churk thermal power plant and associated assets, including JAL’s 11.49% stake in Prayagraj Power Generation Company Ltd, for ₹1,200 crore.
The purchase is anticipated to enhance Adani Power’s generation capacity, broaden its presence in thermal power, and provide strategic access to JPVL’s diverse energy and mining resources. This transaction is part of the wider resolution plan led by the Adani Group for financially troubled Jaiprakash Associates.
Jaiprakash Power Ventures manages thermal and hydroelectric facilities with a combined generation capacity of 2,220 MW. Additionally, the company is involved in coal mining, sand mining, and cement grinding sectors.
In FY25, JPVL recorded a turnover of ₹57,063 crore, down from ₹71,510 crore in FY24. The Churk asset includes a 180 MW thermal power station situated in the Sonbhadra district of Uttar Pradesh, enhancing Adani Power’s presence in the thermal energy sector.
Resolution plan timeline
Earlier this year, the National Company Law Tribunal (NCLT) sanctioned the Adani Group’s ₹14,535 crore resolution plan for Jaiprakash Associates following majority support from its lenders. The lenders had turned down a rival higher offer from Vedanta.
Deal completion timeline
Adani Power announced that the acquisitions will be finalised through cash transactions and are anticipated to conclude on the “Effective Date” specified in the approved resolution plan, which is set to occur within 90 days following the NCLT approval granted on 17 March 2026.
The company further stated that the Competition Commission of India (CCI) approved the transaction in August 2025, and that the National Company Law Appellate Tribunal (NCLAT) reaffirmed the resolution plan in May 2026.
Shares of Adani Power and Jaiprakash Power Ventures traded higher after the acquisition announcement. Adani Power shares gained nearly 3% to hit an intraday high of ₹226.40 on the BSE, while Jaiprakash Power Ventures surged almost 6%, touching an intraday high of ₹19.38, as investors reacted positively to the deal.
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