Ahmedabad, May 21 (IANS) Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday said it has signed a definitive agreement to acquire Jaypee Fertilizers & Industries Ltd (JFIL) for Rs 1,500 crore as part of the NCLT-approved resolution plan for Jaiprakash Associates Ltd (JAL).

In a regulatory filing, the Adani Group company said it has entered into a share purchase agreement with JAL to acquire 100 per cent shareholding in JFIL, which is the holding company of Kanpur Fertilizers and Chemicals Ltd (KFCL).

The acquisition would give APSEZ indirect control over KFCL, which owns around 243 acres of industrial and commercial land in Kanpur that is considered strategically suitable for the development of a logistics park and warehousing facilities, the filing said.

According to APSEZ, the transaction aligns with its strategy to strengthen inland logistics operations and expand service capabilities in north India.

The acquisition also supports the company’s broader target of increasing its multi-modal logistics park (MMLP) network from 12 to 16 and expanding warehousing capacity nearly fourfold by 2031.

The acquisition is being undertaken under the approved resolution plan submitted by Adani Enterprises Ltd for debt-ridden JAL, where APSEZ is acting as one of the implementing entities.

The transaction is expected to be completed on the effective date under the resolution plan, which is expected within 90 days from the NCLT approval granted on March 17, 2026.

Notably, the Competition Commission of India had approved the transaction in August 2025, while the National Company Law Appellate Tribunal (NCLAT) upheld the resolution plan in May 2026.

Separately, Adani Power said it has entered into definitive agreements with JAL to acquire a 24 per cent stake in Jaiprakash Power Ventures Ltd (JPVL) and the 180 MW Churk thermal power plant in Uttar Pradesh.

Shares of Adani Ports on Thursday rose 1.24 per cent to hit an intraday high of Rs 1,795.50 apiece on the BSE.

–IANS

ag/na