Adani Power Acquires JPVL Assets for ₹4,193.59 Cr

Adani Power Limited has consummated the acquisition of power assets and investments from Jaiprakash Associates Limited (JAL). The transactions were completed on May 21, 2026, pursuant to definitive agreements signed earlier and the Approved Resolution Plan submitted by Adani Enterprises Limited. The National Company Law Tribunal (NCLT), Allahabad bench, had previously granted the necessary regulatory clearance for this plan on March 17, 2026, which was upheld by the National Company Law Appellate Tribunal on May 04, 2026.

Acquisition Details

The completion involves two primary transactions executed under the Share Purchase Agreement (SPA) and Business Transfer Agreement (BTA). Adani Power has acquired a 24% shareholding in Jaiprakash Power Ventures Limited (JPVL), a listed entity. Additionally, the company has purchased the 180 MW thermal power plant of JAL located in Churk, along with other related assets, which includes an 11.49% shareholding in Prayagraj Power Generation Company Limited. The Competition Commission of India had approved the acquisition on August 26, 2025.

Financial Considerations

The total cost of these acquisitions amounts to ₹4,193.59 crore, payable in cash. The consideration is divided between the two assets being acquired, as detailed below:

Asset Acquired	Cost of Acquisition (₹)
24% shareholding of JPVL	2,993,59,08,147.60
180 MW thermal power plant and related assets	1,200,00,00,000

Target Entity Profile

Jaiprakash Power Ventures Limited (JPVL) is primarily engaged in thermal and hydro power generation, with additional operations in coal mining, sand mining, and cement grinding. The entity currently owns and operates three power plants with an aggregate capacity of 2,220 MW, a 2 MTPA cement grinding unit, and a 3.92 MTPA coal mine. JPVL was incorporated on December 21, 1994, and operates solely in India. The table below presents JPVL's recent turnover performance:

Year	Turnover (₹ in Lakhs)
2025-26	579,085
2024-25	570,630
2023-24	715,100

Jefferies has reaffirmed its Buy rating on Adani Power, setting a target price of ₹255. The brokerage's conviction is anchored in the company's unique positioning as India's only sizeable private-sector pure-play thermal power generator, a distinction that sets it apart in the domestic energy landscape.

Key Investment Rationale

Jefferies outlines several factors supporting its bullish stance on Adani Power, as summarised below:

Parameter:	Details
Rating:	Buy
Target Price:	₹255
Capacity Expansion Target:	31GW by FY30
EBITDA CAGR Expectation:	23%
Risk Profile Driver:	Higher PPA-linked capacity
Cash Flow Outlook:	Strong free cash flow generation by FY30

Capacity Expansion and Growth Outlook

A central pillar of Jefferies' thesis is Adani Power's aggressive capacity expansion plan, targeting 31GW by FY30. This growth trajectory is expected to be accompanied by a 23% EBITDA CAGR, reflecting the scale and operational leverage the company is anticipated to achieve over the period. The brokerage also points to strong free cash flow generation by FY30 as a key financial milestone.

Declining Risk Profile

Jefferies notes that Adani Power's risk profile is on a declining trajectory, attributing this improvement to a higher proportion of capacity linked to Power Purchase Agreements (PPAs). PPA-linked capacity provides greater revenue visibility and reduces exposure to merchant power market volatility, contributing to a more stable earnings outlook as the company scales its operations toward its FY30 targets.