Adani Power has made a significant move in the energy sector by entering into definitive agreements to acquire a 24% stake in Jaiprakash Power Ventures Ltd (JPVL) along with the 180 MW Churk thermal power plant located in Uttar Pradesh. This acquisition, valued at approximately ₹4,194 crore, is part of a resolution plan approved by the National Company Law Tribunal (NCLT) for Jaiprakash Associates Ltd (JAL). The deal reflects Adani Power’s commitment to expanding its footprint in the power generation industry.
The acquisition process includes a Share Purchase Agreement to acquire JAL’s 24% holding in JPVL for around ₹2,993.6 crore. Additionally, a Business Transfer Agreement has been executed for the Churk thermal power station and associated assets, including an 11.49% stake in Prayagraj Power Generation Company Ltd, for another ₹1,200 crore. These agreements mark a crucial step in the ongoing resolution process for JAL, where Adani Enterprises Ltd serves as the resolution applicant, and Adani Power is one of the implementing entities.
- Regulatory approvals secured — The Competition Commission of India (CCI) approved the transaction in August 2025, ensuring compliance with regulatory standards.
- NCLT approval — The NCLT’s Allahabad Bench approved the resolution plan in March 2026, paving the way for the acquisition.
- Asset portfolio expansion — This acquisition enhances Adani Power’s portfolio, which includes a total capacity of 2,220 MW across thermal and hydropower assets.
Adani Power's acquisition is expected to be completed in cash, with the timeline linked to the effective date defined under the resolution plan. This date is contingent upon fulfilling all necessary regulatory approvals and implementation timelines. The NCLT’s ruling was upheld by the National Company Law Appellate Tribunal (NCLAT) in May 2026, further solidifying the legal framework for this acquisition.
JPVL, the company being acquired, operates a diverse portfolio of thermal and hydropower assets, contributing significantly to India's energy landscape. The Churk thermal power facility, with its capacity of 180 MW, is strategically located in Sonbhadra district, Uttar Pradesh, and adds valuable resources to Adani Power's expanding operations. This acquisition is anticipated to bolster Adani Power's market position and operational capabilities, allowing it to better serve the growing energy demands in India.
