The company said it has signed a Share Purchase Agreement for acquiring JAL’s 24% stake in JPVL for about Rs 2,993.6 crore. It has also entered into a Business Transfer Agreement to acquire the Churk thermal power plant and related assets, including JAL’s 11.49% stake in Prayagraj Power Generation Company Ltd, for Rs 1,200 crore.
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The acquisitions will strengthen Adani Power’s generation portfolio and deepen its presence in the thermal power sector, while also enabling it to gain strategic exposure to JPVL’s diversified energy and mining assets. The deal forms part of the broader Adani Group-led resolution plan for debt-ridden JAL and aligns with Adani Power’s core business of power generation.
Earlier this year, the NCLT approved the Adani Group’s Rs 14,535 crore resolution plan for Jaiprakash Associates after it secured majority lender support, while lenders rejected a higher rival bid from Vedanta.
Adani Power said the acquisitions will be completed in cash and are expected to be consummated on the “Effective Date” under the approved resolution plan, which is to occur within 90 days from the NCLT approval granted on March 17, 2026.
The company added that the Competition Commission of India had already approved the transaction in August 2025, while the National Company Law Appellate Tribunal upheld the resolution plan in May 2026.Also Read: Only Ambuja in fray for Jaypee Cement, submits Rs 580 crore bid
JPVL operates thermal and hydro power assets with an aggregate capacity of 2,220 MW and also has interests in coal mining, sand mining and cement grinding businesses. The company reported turnover of Rs 57,063 crore in FY25, compared with Rs 71,510 crore in FY24.
The Churk asset comprises a 180 MW thermal power plant located in Sonbhadra district of Uttar Pradesh.