Adani Power and Adani Ports and Special Economic Zone Limited (APSEZ) will together invest nearly ₹5,694 crore to acquire power, logistics and land assets linked to Jaiprakash Associates Limited (JAL) under the insolvency resolution plan approved by the National Company Law Tribunal (NCLT).
Adani Power on Thursday said it will invest around ₹4,194 crore to acquire a 24% stake in Jaiprakash Power Ventures Limited (JPVL), the 180 MW Churk thermal power plant in Uttar Pradesh, and related assets including an 11.49% stake in Prayagraj Power Generation Company Limited.
Separately, APSEZ in a separate regulatory filing said it has signed a share purchase agreement with JAL to acquire 100% shareholding of Jaypee Fertilizers & Industries Limited (JFIL) for ₹1,500 crore. JFIL is the holding company of Kanpur Fertilizers and Chemicals Limited (KFCL), which owns around 243 acres of industrial and commercial land in Kanpur.
APSEZ said the land parcel is strategically located for the development of a multi-modal logistics park and warehousing facilities, aligned with the company’s plan to expand its inland logistics network in North India.
“The acquisition shall further consolidate the company’s inland logistics presence and service capabilities in North India. The acquisition aligns with the company’s ambition to expand its MMLP network from 12 to 16 and warehousing capacity by around four times by 2031,” APSEZ said in its filing. APSEZ said JFIL operates in the fertiliser and chemicals segment directly and through investments in subsidiary companies. JFIL has a wholly-owned subsidiary, Jaypee Uttar Bharat Vikas Private Limited, and a step-down subsidiary, KFCL.
Meanwhile Adani Power in its regulatory filing said has signed a share purchase agreement for acquiring the 24 per cent stake in Jaiprakash Power Ventures Ltd (JPVL) held by Jaiprakash Associates Ltd (JAL), along with a business transfer agreement for the acquisition of JAL’s 180 MW thermal power plant located in Churk, Uttar Pradesh, and related assets including an 11.49 per cent stake in Prayagraj Power Generation Company Limited.
Adani Power had earlier informed exchanges on March 19, 2026 that it had expressed in-principle interest in becoming one of the implementing entities under the resolution plan submitted by Adani Enterprises Limited for acquiring certain power assets and investments of JAL. The acquisition of the 24 per cent stake in JPVL will cost Adani Power about ₹2,993.59 crore, while the acquisition of the Churk thermal power plant and related assets, including the stake in Prayagraj Power Generation Company, will cost ₹1,200 crore. The total transaction value stands at nearly ₹4,194 crore.
JPVL operations and assets
JPVL is engaged primarily in thermal and hydro power generation and also has coal mining, sand mining and cement grinding operations. The company currently owns and operates power plants with an aggregate capacity of 2,220 MW, along with a 2 MTPA cement grinding unit and a 3.92 MTPA coal mine. JPVL reported turnover of ₹5,790.85 crore in FY26, compared with ₹5,706.30 crore in FY25 and ₹7,151 crore in FY24. The company was incorporated on December 21, 1994.
Jaiprakash Associates, in a separate filing, said a monitoring committee has been constituted to manage the affairs of the corporate debtor and supervise implementation of the approved resolution plan.
The company said the resolution plan allows Adani Enterprises Limited to implement various parts of the plan either directly, through Adani group entities or through special purpose vehicles (SPVs), depending on the nature of the assets and businesses being acquired. JAL said Adani Enterprises had nominated Adani Power for acquisition of its power assets and investments, while APSEZ was nominated for acquisition of JFIL, the holding company of KFCL.
Timeline and regulatory approvals
The acquisitions are being executed as part of the NCLT-approved resolution plan submitted by Adani Enterprises Limited for JAL. Both companies said the transactions will be completed in cash and are expected to be consummated on the “Effective Date” under the approved resolution plan, which must be completed within 90 days from March 17, 2026 — the date on which the NCLT approved the resolution plan.
The Competition Commission of India approval for the transaction was obtained on August 26, 2025. The NCLT’s Allahabad bench at Prayagraj approved the resolution plan on March 17, 2026, which was subsequently upheld by the National Company Law Appellate Tribunal (NCLAT) on May 4.
Published on May 21, 2026
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