Adani Power strikes Rs 4,200 crore deal for Jaypee power assets amid group overhaul

Mumbai: Adani Power said Thursday it would buy stakes in Jaypee Group's power producers for about ₹4,200 crore as part of a broader restructuring of the debt-laden infrastructure group that is under bankruptcy administration.

Adani would buy 24% in Jaiprakash Power Ventures (JPVL) for ₹2,993 crore and the 180 MW Churk thermal power plant in Uttar Pradesh for ₹1,200 crore. The latter deal involves Jaypee Group's 11.49% equity in the Churk facility.

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The acquisitions will strengthen the company's generation portfolio and deepen its presence in the thermal power sector, while also enabling it to gain strategic exposure to JPVL's diversified energy and mining assets, Adani said. JPVL currently operates power generation assets with an aggregate capacity of 2,220 MW and also owns a 2 million tonnes per annum cement grinding unit.

The transaction is expected to be completed within 90 days from the NCLT approval date, subject to the "Effective Date" conditions under the approved resolution plan.