Shares of JP Power soared to Rs 24.50 apiece on Friday morning, marking a significant rally of nearly 31% this week. The surge in stock price was accompanied by high trading volumes, with over 24 crore shares worth Rs 572 crore exchanged on the NSE within just 15 minutes of market opening.
Meanwhile, Adani Power shares climbed more than 2% to reach a fresh 52-week high of Rs 254 apiece on Friday. The stock has seen a remarkable increase of over 69% in 2026 and 128% over the past year, driven by expectations of heightened power demand due to soaring temperatures across India.
Last week, Adani Power announced it had signed definitive agreements with Jaiprakash Associates (JAL) to acquire a 24% stake in Jaiprakash Power Ventures Limited (JPVL) and the 180 MW Churk thermal power plant in Uttar Pradesh. This acquisition is part of the NCLT-approved resolution plan for JAL.
The Adani Group company entered into a share purchase agreement to acquire JAL’s 24% stake in JPVL for approximately Rs 2,994 crore. Additionally, it signed a business transfer agreement to acquire the Churk thermal power plant and associated assets, including JAL’s 11.49% stake in Prayagraj Power Generation Company Limited, for Rs 1,200 crore.
Adani Power stated that these acquisitions will bolster its generation portfolio and expand its presence in the thermal power sector. The transactions are expected to be completed through cash consideration and are anticipated to close on the “Effective Date” under the approved resolution plan, scheduled within 90 days from the NCLT approval granted on March 17, 2026.
The Adani Group recently paid around Rs 6,000 crore to the lenders of debt-ridden Jaiprakash Associates as the first tranche of its Rs 14,535 crore resolution plan. This payment marks a significant milestone in one of the longest-running insolvency cases.
Background
The insolvency proceedings involving Jaiprakash Associates have been ongoing for several years, with the company entering the Corporate Insolvency Resolution Process (CIRP) in June 2024. The Allahabad bench of the National Company Law Tribunal approved Adani Enterprises' resolution plan on March 17 this year.
The developments around Adani Power's acquisitions and JP Power's stock surge highlight the dynamic shifts in India's power sector. Investors and market watchers will closely monitor the completion of Adani's acquisitions and the subsequent impact on its market position.
