Adani Power will invest nearly ₹4,194 crore to acquire a 24 per cent stake in Jaiprakash Power Ventures Limited and the 180 MW Churk thermal power plant of Jaiprakash Associates Limited as part of the implementation of the insolvency resolution plan approved by the National Company Law Tribunal (NCLT).
The company said it has signed a share purchase agreement for acquiring the 24 per cent stake in Jaiprakash Power Ventures Ltd (JPVL) held by Jaiprakash Associates Ltd (JAL), along with a business transfer agreement for the acquisition of JAL’s 180 MW thermal power plant located in Churk, Uttar Pradesh, and related assets including an 11.49 per cent stake in Prayagraj Power Generation Company Limited.
Adani Power had earlier informed exchanges on March 19, 2026 that it had expressed in-principle interest in becoming one of the implementing entities under the resolution plan submitted by Adani Enterprises Limited for acquiring certain power assets and investments of JAL. The acquisition of the 24 per cent stake in JPVL will cost Adani Power about ₹2,993.59 crore, while the acquisition of the Churk thermal power plant and related assets, including the stake in Prayagraj Power Generation Company, will cost ₹1,200 crore. The total transaction value stands at nearly ₹4,194 crore.
JPVL operations and assets
JPVL is engaged primarily in thermal and hydro power generation and also has coal mining, sand mining and cement grinding operations. The company currently owns and operates power plants with an aggregate capacity of 2,220 MW, along with a 2 MTPA cement grinding unit and a 3.92 MTPA coal mine. JPVL reported turnover of ₹5,790.85 crore in FY26, compared with ₹5,706.30 crore in FY25 and ₹7,151 crore in FY24. The company was incorporated on December 21, 1994.
Timeline and regulatory approvals
The acquisitions are proposed to be completed in cash and are expected to be consummated on the “Effective Date” under the approved resolution plan, which is required to be completed within 90 days from March 17, 2026, the date on which the NCLT approved the resolution plan.
The company said the acquisitions are aligned with its core business of power generation and do not qualify as related party transactions. The Competition Commission of India approval for the transaction was obtained on August 26, 2025. The NCLT’s Allahabad bench at Prayagraj approved the resolution plan on March 17, 2026, which was subsequently upheld by the National Company Law Appellate Tribunal (NCLAT) on May 4.