Adani Power has signed agreements to acquire a 24 per cent stake in Jaiprakash Power Ventures Ltd (JPVL) and the 180 MW Churk thermal power plant in Uttar Pradesh as part of the resolution plan for debt-ridden Jaiprakash Associates Ltd (JAL).
The company announced on Thursday that it has entered into a Share Purchase Agreement to buy JAL’s 24 per cent holding in JPVL for approximately ₹2,993.6 crore, The Economic Times reported.
In a separate transaction, Adani Power has signed a Business Transfer Agreement to acquire the Churk thermal power plant and associated assets for ₹1,200 crore. The deal also includes JAL’s 11.49 per cent stake in Prayagraj Power Generation Company Ltd.
The acquisitions are part of the resolution process approved by the National Company Law Tribunal (NCLT) for Jaiprakash Associates and are expected to strengthen Adani Power’s generation portfolio while expanding its footprint in the thermal power sector.
The company said the transaction will also provide strategic exposure to JPVL’s power generation, mining and related businesses, which include coal mining, sand mining and cement grinding operations.
Earlier this year, the NCLT approved the Adani Group’s ₹14,535 crore resolution plan for JAL after it received support from a majority of lenders. The plan was approved despite a competing higher bid from Vedanta being rejected by lenders.
According to Adani Power, both acquisitions will be completed through cash transactions and are expected to be finalised on the “Effective Date” under the approved resolution plan. The company said this date is expected to fall within 90 days of the NCLT’s approval granted on March 17, 2026.
The company further noted that the Competition Commission of India had approved the transaction in August 2025, while the National Company Law Appellate Tribunal upheld the resolution plan in May 2026.
JPVL currently operates thermal and hydroelectric power assets with a combined generation capacity of 2,220 MW. The company reported a turnover of ₹57,063 crore in FY25, compared with ₹71,510 crore in FY24.
The Churk facility, which forms part of the acquisition, is a 180 MW thermal power plant located in the Sonbhadra district of Uttar Pradesh.
