Adani Power has finalized agreements with Jaiprakash Associates Ltd to purchase a 24% stake in Jaiprakash Power Ventures Ltd (JPVL) and the 180 MW Churk thermal power plant in Uttar Pradesh. The acquisition is part of the NCLT-approved resolution plan for Jaiprakash Associates Ltd. Adani Power will acquire JAL’s 24% holding in JPVL for approximately Rs 2,993.6 crore.
The company has also signed a Business Transfer Agreement to buy JAL’s 180 MW Churk thermal power station in Sonbhadra, including an 11.49% stake in Prayagraj Power Generation Company Ltd, for Rs 1,200 crore. These transactions are in line with the resolution plan, where Adani Enterprises Ltd is the resolution applicant and Adani Power is one of the implementing entities.
Adani Power had previously expressed interest in the resolution process, and these agreements formalize the asset acquisition under the approved framework. The deals will be completed in cash and are expected to be finalized on the “effective date” as defined in the resolution plan, subject to regulatory approvals.
The Competition Commission of India (CCI) approved the transaction in August 2025, while the NCLT’s Allahabad Bench sanctioned the resolution plan in March 2026. The National Company Law Appellate Tribunal (NCLAT) upheld the order in May 2026. JPVL operates thermal and hydropower assets totaling 2,220 MW, along with involvement in coal mining, sand mining, and cement grinding. The Churk plant is a 180 MW thermal power facility situated in Uttar Pradesh’s Sonbhadra district.
