Ahmedabad, May 21 (IANS) Adani Power on Thursday said it has entered into definitive agreements with Jaiprakash Associates Ltd (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, under the NCLT-approved resolution plan for JAL.

In a stock exchange filing, the Adani Group company said it has executed a Share Purchase Agreement to acquire JAL’s 24 per cent holding in Jaiprakash Power Ventures Ltd for about Rs 2,993.6 crore.

Separately, it has entered into a Business Transfer Agreement to purchase JAL’s 180 MW Churk thermal power station in Sonbhadra, along with associated assets, including an 11.49 per cent stake in Prayagraj Power Generation Company Ltd, for Rs 1,200 crore.

The company noted that the transactions are part of the NCLT-approved resolution plan for Jaiprakash Associates Ltd, under which Adani Enterprises Ltd is the resolution applicant, and Adani Power is acting as one of the implementing entities.

Adani Power had earlier indicated its interest in participating in the resolution process and said the latest agreements formalise the asset acquisition under the approved framework.

The deals will be completed in cash and are expected to be concluded on the “effective date” defined under the resolution plan, which is linked to the implementation timeline following regulatory approvals, according to the exchange filing.

The Competition Commission of India (CCI) had cleared the transaction in August 2025, while the NCLT’s Allahabad Bench approved the resolution plan in March 2026.

The National Company Law Appellate Tribunal (NCLAT) later upheld the order in May 2026.

JPVL operates a portfolio of thermal and hydropower assets with a combined capacity of 2,220 MW, along with interests in coal mining, sand mining, and cement grinding.

The Churk plant is a 180 MW thermal power facility located in Uttar Pradesh’s Sonbhadra district.

–IANS

ag/na