India’s Adani Power agrees JPVL and Churk acquisitions

Adani Power has signed definitive agreements with Jaiprakash Associates to acquire the group’s 24% stake in Jaiprakash Power Ventures and the 180-MW Churk thermal power plant in Uttar Pradesh, POWERLINE writes.

Adani Power will acquire the JPVL stake for about INR29.94bn ($313mn). Separately, the company will purchase the Churk thermal power plant and related assets, including JAL’s 11.49% holding in Prayagraj Power Generation Company, for INR12bn.

The acquisitions are being carried out under the terms of the approved resolution plan linked to Jaiprakash Associates. The transactions are expected to be completed on the effective date set out under the plan.

The deals strengthen Adani Power’s position in India’s thermal generation sector as the group continues to expand its electricity portfolio alongside investments in renewable energy and infrastructure assets.

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