Adani Power to Acquire 24% Stake in JPVL and Churk Thermal Plant from JAL

Ahmedabad, May 21, 2026: Adani Power Limited has announced the signing of definitive agreements with Jaiprakash Associates Limited (JAL) for the acquisition of key power assets and investments as part of the NCLT-approved resolution plan submitted by Adani Enterprises Limited (AEL).

In a regulatory filing to both the BSE Limited and the National Stock Exchange of India Limited, the company stated that it has entered into:

• A Share Purchase Agreement for acquisition of 24% shareholding in Jaiprakash Power Ventures Limited (JPVL) held by JAL.

• A Business Transfer Agreement for acquisition of the 180 MW Churk thermal power plant located in Uttar Pradesh, along with related assets, including 11.49% shares in Prayagraj Power Generation Company Limited.

The acquisitions are being executed under the approved resolution plan for JAL and are expected to be completed on the “Effective Date” under the plan.

Acquisition Value and Transaction Details

According to the company disclosure:

• Adani Power will acquire the 24% stake in JPVL for approximately ₹2,993.59 crore.

• The Churk thermal power plant and associated assets, including the Prayagraj Power Generation stake, will be acquired for ₹1,200 crore.

The transaction will be completed through cash consideration.

Regulatory Approvals Already Secured

The company confirmed that approval from the Competition Commission of India (CCI) was received on August 26, 2025.

Additionally, the resolution plan received approval from the National Company Law Tribunal on March 17, 2026, which was later upheld by the National Company Law Appellate Tribunal (NCLAT) on May 4, 2026.

The acquisition process is expected to conclude within 90 days from the NCLT approval date.

About Jaiprakash Power Ventures Limited

Jaiprakash Power Ventures Limited is engaged in thermal and hydro power generation, coal mining, sand mining, and cement grinding operations.

The company currently operates:

• Three power plants with a combined capacity of 2,220 MW

• A 2 MTPA cement grinding unit

• A 3.92 MTPA coal mine

JPVL Turnover Details

JPVL was incorporated on December 21, 1994, and operates primarily in India.

Strategic Significance

The acquisition strengthens Adani Power Limited’s presence in the power generation sector and aligns with its strategy to expand generation capacity and infrastructure assets across India.

The Churk thermal plant located in Sonbhadra district of Uttar Pradesh is expected to enhance Adani Power’s operational footprint in northern India while also adding strategic energy assets to its portfolio.