Adani Power on Thursday, 21 May signed definitive 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 for a combined ₹4,194 crore, formalising its role as an implementing entity under the NCLT-approved resolution plan for Jaiprakash Associates Ltd (JAL). The transactions mark a significant consolidation move by the Adani Group in India's thermal power sector.

Deal Structure and Breakdown

The acquisition is split across two separate agreements. Under a Share Purchase Agreement, Adani Power will buy JAL's 24 per cent holding in JPVL for approximately ₹2,993.6 crore. A separate Business Transfer Agreement covers the purchase of the 180 MW Churk thermal power station in Sonbhadra district, along with associated assets — including an 11.49 per cent stake in Prayagraj Power Generation Company Ltd — for ₹1,200 crore. Both transactions will be settled entirely in cash.

Regulatory Clearances and Timeline

The deals have cleared a multi-stage regulatory process. The Competition Commission of India (CCI) approved the transaction in August 2025, followed by the NCLT's Allahabad Bench, which sanctioned the resolution plan in March 2026. The National Company Law Appellate Tribunal (NCLAT) subsequently upheld that order in May 2026. Completion of the transactions is tied to the 'effective date' defined under the resolution plan, which is linked to the implementation timeline following remaining regulatory approvals, according to the stock exchange filing.

What Adani Power Is Acquiring

JPVL operates a diversified portfolio of thermal and hydropower assets with a combined installed capacity of 2,220 MW, along with interests in coal mining, sand mining, and cement grinding. The Churk plant is a standalone 180 MW thermal facility located in Sonbhadra, one of Uttar Pradesh's key power-generating districts. Together, these assets meaningfully expand Adani Power's operational footprint in northern India.

Context: Adani's Role in JAL Resolution

Under the NCLT-approved framework, Adani Enterprises Ltd is the designated resolution applicant for Jaiprakash Associates Ltd, with Adani Power acting as one of the implementing entities. Adani Power had earlier signalled its intent to participate in the resolution process; the latest agreements formalise the asset acquisition within that approved structure. This comes amid a broader trend of large conglomerates absorbing stressed power assets through the Insolvency and Bankruptcy Code (IBC) process, a route that has increasingly channelled distressed generation capacity toward better-capitalised operators.

What Happens Next

The transactions are expected to close on the effective date under the resolution plan, contingent on residual regulatory steps. Industry observers will watch whether Adani Power moves to increase its stake in JPVL beyond the initial 24 per cent once the resolution framework is fully implemented, given the strategic value of JPVL's 2,220 MW diversified asset base.