Adani Power Shares Rise 2% As Firm Signs Deals To Buy Jaiprakash Power Stake And Churk Thermal Plant

Adani Power has entered into definitive agreements with Jaiprakash Associates Limited (JAL) to buy a 24% stake in Jaiprakash Power Ventures Limited (JPVL) and JAL's 180 MW Churk thermal power plant in Uttar Pradesh.

The total deal size is close to ₹4,194 crore and is part of the Adani Group-led resolution plan for the debt-laden conglomerate, approved by the National Company Law Tribunal (NCLT).

Adani Power shares rose over 2% in early hours to trade at ₹224.87 on 21 May.

What Adani Power Is Buying

The company has signed a share purchase agreement to acquire JAL's 24% stake in JPVL for approximately ₹2,993.59 crore. Separately, it has entered into a business transfer agreement to acquire the Churk thermal power plant along with related assets, including JAL's 11.49% stake in Prayagraj Power Generation Company Limited, for ₹1,200 crore.

JPVL is primarily engaged in thermal and hydro power generation and also has coal mining, sand mining and cement grinding businesses. The company currently owns and operates power plants with a total capacity of 2,220 MW, a cement grinding unit of 2 MTPA and a coal mine of 3.92 MTPA. JPVL reported a turnover of ₹5,790.85 crore in FY26.

How This Fits Into The Bigger Picture

The acquisitions are part of the Adani Group’s larger ₹14,535 crore resolution plan for JAL, which was approved by the NCLT and subsequently upheld by the National Company Law Appellate Tribunal (NCLAT) on 4 May. The restructuring framework distributes JAL's diverse infrastructure, manufacturing and energy portfolio across various Adani Group verticals.

Adani Power had first signalled its interest in March 2026, when it informed stock exchanges of its in-principle intent to become one of the implementing entities under the resolution plan submitted by Adani Enterprises Limited.

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Timeline And Approvals

The acquisitions are to be completed in cash and are expected to close within 90 days from 17 March 2026, the date on which the NCLT approved the resolution plan. Approval from the Competition Commission of India for the transaction was obtained on August 26, 2025.

The company said that the acquisitions are in line with the core business of power generation and the transactions do not qualify as related party transactions.

Sources:

Businessline

Moneycontrol

Fortune India