Ahmedabad, May 21: Adani Power announced on Thursday that it has entered into an agreement with Jaypee Associates Limited (JAL) to acquire a 24% stake in Jaypee Power Ventures Limited (JPVL) as part of a resolution plan approved by the NCLT. This acquisition includes the 180 MW Churk Thermal Power Plant located in Uttar Pradesh.
In a stock exchange filing, Adani Group stated that it signed a share purchase agreement to acquire JAL’s 24% stake in JPVL for approximately ₹2,993.6 crores.
Additionally, the company revealed that it has entered into a business transfer agreement to purchase JAL’s 180 MW Churk Thermal Power Station, along with related assets, including an 11.49% stake in Prayagraj Power Generation Company Limited, for ₹1,200 crores.
These transactions are part of the resolution plan for Jaypee Associates Limited, which has been approved by the NCLT. Adani Enterprises Limited is acting as the resolution applicant, while Adani Power is one of the implementing entities.
Adani Power had previously expressed interest in participating in the resolution process, stating that the new agreements formalize asset acquisitions under the approved framework.
According to the exchange filing, these deals will be executed in cash and are expected to be completed on the “effective date” defined in the resolution plan, following regulatory approvals.
The Competition Commission of India (CCI) approved this 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 this order in May 2026.
JPVL operates thermal and hydroelectric assets with a combined capacity of 2,220 MW, and it also has stakes in coal mining, sand mining, and cement grinding. The Churk plant is a 180 MW thermal energy facility located in Sonbhadra district, Uttar Pradesh.
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