Adani Power to acquire 24 pc stake in Jaiprakash Power, thermal power assets for Rs 4,194 crore
Ahmedabad, May 21
Adani Power on Thursday said it has entered into definitive agreements with Jaiprakash Associates Ltd to acquire a 24 per cent stake in Jaiprakash Power Ventures Ltd and the 180 MW Churk thermal power plant in Uttar Pradesh, under the NCLT-approved resolution plan for JAL.
In a stock exchange filing, the Adani Group company said it has executed a Share Purchase Agreement to acquire JAL's 24 per cent holding in Jaiprakash Power Ventures Ltd for about Rs 2,993.6 crore.
Separately, it has entered into a Business Transfer Agreement to purchase JAL's 180 MW Churk thermal power station in Sonbhadra, along with associated assets, including an 11.49 per cent stake in Prayagraj Power Generation Company Ltd, for Rs 1,200 crore.
The company noted that the transactions are part of the NCLT-approved resolution plan for Jaiprakash Associates Ltd, under which Adani Enterprises Ltd is the resolution applicant, and Adani Power is acting as one of the implementing entities.
Adani Power had earlier indicated its interest in participating in the resolution process and said the latest agreements formalise the asset acquisition under the approved framework.
The deals will be completed in cash and are expected to be concluded on the "effective date" defined under the resolution plan, which is linked to the implementation timeline following regulatory approvals, according to the exchange filing.
The Competition Commission of India (CCI) had cleared the transaction in August 2025, while the NCLT's Allahabad Bench approved the resolution plan in March 2026.
The National Company Law Appellate Tribunal (NCLAT) later upheld the order in May 2026.
JPVL operates a portfolio of thermal and hydropower assets with a combined capacity of 2,220 MW, along with interests in coal mining, sand mining, and cement grinding.
The Churk plant is a 180 MW thermal power facility located in Uttar Pradesh's Sonbhadra district.
— IANS
Reader Comments
This is interesting but worrisome too. Too much consolidation in the power sector under one group. Need to ensure fair competition and not create monopolies. 👍
Finally some resolution for Jaiprakash Associates' stressed assets. NCLT process worked here. Also, Churk plant in Sonbhadra will get a new lease of life. UP will benefit from reliable power supply. 🇮🇳
While this is a positive step for asset resolution, I'm concerned about the environmental impact of thermal power plants. We should be investing more in renewables like solar and wind. Coal is so last decade! 😊
Interesting move by Adani Power to expand their thermal footprint. But with global push towards net-zero, are these investments future-proof? India needs baseload power though, so maybe it's a practical step. 🤔
Rs 4,194 crore is a big deal! But I hope the employees of these acquired assets don't face any issues. Job security should be a priority during such transitions. Also, Prayagraj Power stake acquisition is a bonus for Adani.
Good to see NCLT and NCLAT working efficiently to resolve stressed assets.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.