Ahmedabad, May 21 (IANS). Adani Power on Thursday announced that it has entered into an agreement with JAL to acquire 24 per cent stake in Jaiprakash Power Ventures Limited (JPVL) and 180 MW Churk Thermal Power Plant located in Uttar Pradesh under the NCLT approved resolution plan for Jaiprakash Associates Limited (JAL).
In a stock exchange filing, Adani Group said it has signed a share purchase agreement to acquire JAL’s 24 per cent stake in Jaiprakash Power Ventures Ltd for approximately Rs 2,993.6 crore.
In a separate filing, the company said it has entered into a business transfer agreement to acquire JAL’s 180 MW Churk Thermal Power Station at Sonbhadra, along with associated assets, including 11.49 per cent stake in Prayagraj Power Generation Company Limited, for Rs 1,200 crore.
The company said that these transactions are part of the resolution plan of Jaiprakash Associates Limited approved by NCLT, under which Adani Enterprises Limited is the resolution applicant and Adani Power is acting as one of the implementing entities.
Adani Power had already expressed its interest in participating in the resolution process and said the new agreements formalize the asset acquisition under the agreed framework.
According to the exchange filing, these deals will be completed in cash and are expected to close on the “effective date” defined in the resolution plan linked to the implementation timeline following regulatory approvals.
The Competition Commission of India (CCI) had approved the transaction in August 2025, while the Allahabad bench of NCLT had approved the resolution plan in March 2026.
The National Company Law Appellate Tribunal (NCLAT) upheld this order in May 2026.
JPVL operates thermal and hydroelectric assets with a combined capacity of 2,220 MW, and also has stakes in coal mining, sand mining and cement milling.
Churk Plant is a 180 MW thermal power facility located in Sonbhadra district of Uttar Pradesh.
–IANS
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