Adani Power Ltd, part of the diversified Adani Group with interests across energy, infrastructure and logistics, has signed definitive agreements with Jaiprakash Associates Ltd (JAL) to acquire a 24% stake in Jaiprakash Power Ventures Ltd (JPVL) and a 180-MW thermal power plant in Uttar Pradesh for a total consideration of ₹4,193.59 crore.
The acquisition is part of the National Company Law Tribunal-approved resolution plan for debt-ridden Jaiprakash Associates.
Deal structured in two parts
The transaction comprises acquisition of JAL’s 24% stake in listed entity JPVL for ₹2,993.59 crore.
The second part involves purchase of JAL’s 180-MW thermal power plant located at Churk in Uttar Pradesh and related assets, including JAL’s 11.49% stake in Prayagraj Power Generation Company Ltd, for ₹1,200 crore.
NCLT, NCLAT approvals received
The National Company Law Tribunal approved the resolution plan on March 17, 2026, which was subsequently upheld by the National Company Law Appellate Tribunal on May 4, 2026.
The transaction is expected to be completed within 90 days from the NCLT approval date.
JPVL operates 2,220 MW capacity
JPVL is engaged in thermal and hydro power generation and also has interests in coal mining, sand mining and cement grinding operations.
The company currently owns and operates three power plants with an aggregate generation capacity of 2,220 MW, a 2-million-tonne-per-annum cement grinding unit and a 3.92 MTPA coal mine.
JPVL reported a turnover of ₹5,791 crore during FY26.