Synopsis Two Adani group companies sign definitive agreements to acquire power assets and a land-holding entity from a debt-laden conglomerate undergoing insolvency resolution.
India’s insolvency resolution process is unlocking significant assets for strategic acquirers. As part of an NCLT-approved resolution plan for one of the country’s most indebted conglomerates, two listed Adani group entities have moved to formalize asset acquisitions – one expanding its power generation footprint, and the other shoring up its logistics ambitions in North India.
With a market cap of Rs. 4,33,906 Crore, Shares of Adani Power Ltd.. are trading at a price of Rs. 224.4 per share i.e. 1.8% up from its previous closing price of Rs. 220.24.
With a market cap of Rs. 4,11,648 Crore, shares of Adani Ports & Special Economic Zone Ltd. are trading at a price of Rs. 1,788.9 per share i.e. 0.9% up from its previous closing price of Rs. 1,772.6.
Adani Power Acquires Power Assets Worth Over ₹4,193 Crore
Adani Power Limited has entered into two definitive agreements with Jaiprakash Associates Limited (JAL) to acquire power assets as part of the NCLT-approved resolution plan. Under the first agreement – a Share Purchase Agreement – the company will acquire 24% of the shareholding of Jaiprakash Power Ventures Limited (JPVL), a listed entity, for ₹2,993.59 crore. Under the second – a Business Transfer Agreement – Adani Power will acquire JAL’s 180 MW thermal power plant located at Churk in Sonbhadra, Uttar Pradesh, along with 11.49% shares of Prayagraj Power Generation Company Limited, for ₹1,200 crore.
JPVL operates three power plants with an aggregate capacity of 2,220 MW, along with a 2 MTPA cement grinding unit and a 3.92 MTPA coal mine. These assets are directly aligned with Adani Power’s core business of power generation, making the acquisition a natural capacity expansion move. Both transactions will be completed in cash and are not related-party transactions.
Adani Ports Bets on Kanpur Land for Logistics Expansion
In a parallel move, Adani Ports and Special Economic Zone Limited (APSEZ) has signed a Share Purchase Agreement with JAL to acquire 100% of the shareholding of Jaypee Fertilizers & Industries Limited (JFIL) for ₹1,500 crore, also in cash. JFIL is the holding company of Kanpur Fertilizers and Chemicals Limited (KFCL), which holds approximately 243 acres of industrial and commercial land in Kanpur.
While JFIL belongs to the fertilizer and chemicals sector – outside APSEZ’s core port and logistics business – the real prize is the land. APSEZ intends to develop a world-class logistics park and warehousing facility on the Kanpur land, strengthening its inland logistics presence in North India. This acquisition aligns with the company’s stated goal of expanding its Multi-Modal Logistics Park (MMLP) network from 12 to 16 parks and growing its warehousing capacity approximately four times by 2031.
Common Thread: The JAL Resolution Plan
Both acquisitions stem from the same insolvency resolution plan for Jaiprakash Associates Limited, submitted by Adani Enterprises Limited as the Resolution Applicant. The plan was approved by the National Company Law Tribunal’s Allahabad bench on March 17, 2026, and subsequently upheld by the National Company Law Appellate Tribunal on May 4, 2026. Competition Commission of India approval had already been obtained on August 26, 2025. Both deals are expected to close within 90 days of the NCLT approval date.
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