Adani Power Limited has signed definitive agreements with Jaiprakash Associates Limited (JAL) for acquisition of JAL’s 24 per cent stake in Jaiprakash Power Ventures Limited (JPVL) and the 180 MW Churk thermal power plant in Uttar Pradesh.
The company will acquire the JPVL stake for about Rs 29.94 billion. Separately, it will acquire the Churk thermal power plant and related assets, including JAL’s 11.49 per cent stake in Prayagraj Power Generation Company Limited, for Rs 12 billion. The acquisitions are being undertaken as per the terms of the Approved Resolution Plan and are expected to be consummated on the effective date under it.