Adani Power to buy 24% stake in Jaiprakash Power, acquire Churk thermal plant

Adani Power Ltd on Thursday said it has signed definitive agreements to acquire a 24% stake in Jaiprakash Power Ventures Ltd and a 180 MW thermal power plant of Jaiprakash Associates Ltd as part of the insolvency resolution process of the debt-ridden conglomerate.

In a regulatory filing, the company said the acquisition is being carried out under the National Company Law Tribunal-approved resolution plan for Jaiprakash Associates Ltd (JAL), submitted by Adani Enterprises Ltd.

Adani Power said it has entered into a share purchase agreement for acquiring 24% shares of Jaiprakash Power Ventures Ltd (JPVL) held by JAL.

It has also signed a business transfer agreement for acquisition of JAL’s 180 MW thermal power plant located in Churk, Uttar Pradesh, along with related assets, including an 11.49% stake in Prayagraj Power Generation Company Ltd.

The company said the acquisitions are expected to be completed on the “Effective Date” under the approved resolution plan.

According to the disclosure, Adani Power will pay about ₹2,993.59 crore for the 24% stake in JPVL and ₹1,200 crore for the Churk thermal power plant and associated assets.

The filing said Competition Commission of India approval for the transaction had already been obtained on August 26, 2025.

The resolution plan was approved by the NCLT’s Allahabad bench at Prayagraj on March 17, 2026, and later upheld by the National Company Law Appellate Tribunal on May 4, 2026.

JPVL is engaged in thermal and hydro power generation and also has coal mining, sand mining and cement grinding operations. The company operates three power plants with an aggregate generation capacity of 2,220 MW, a 2 MTPA cement grinding unit and a 3.92 MTPA coal mine.

Adani Power said the acquisitions are aligned with its core power generation business.