The Adani Group has reinforced its strategic foothold in the power and logistics businesses across India with two big acquisitions. In an important move, Adani Power has signed agreements to acquire Jaiprakash Associates’ 24% stake in Jaiprakash Power Ventures Ltd (JPVL) along with the 180 MW Churk thermal power plant and related assets in a deal valued at Rs 4,193 crore. Separately, Adani Ports and Special Economic Zone (APSEZ) has announced its formal entry into the fertiliser business through the Rs 1,500 crore acquisition of Jaypee Fertilizers & Industries Ltd, expanding its infrastructure and logistics footprint into a new strategic sector.

Key Highlights

• Adani Power strengthens energy portfolio with JPVL stake and thermal asset acquisition under insolvency resolution.
• Adani Ports enters fertiliser business through JFIL buyout, boosting inland logistics and warehousing expansion.

Adani Power's deal involves a Share Purchase Agreement valued at Rs 2,993.6 crore for the acquisition of equity stake of JAL in JPVL and a Business Transfer Agreement of Rs 1,200 crore for the transfer of Churk Thermal Power Station and its assets from JAL to JPVL, which also includes the company's 11.49% stake in Prayagraj Power Generation Company Ltd.

This step is likely to boost Adani Power's thermal power generation portfolio and boost its access to strategic energy and mining assets. Currently, JPVL has diversified power portfolio comprising 2220 MW installed thermal and hydro power with interests in coal mining, sand mining, cement grinding etc.

JPVL's turnover for FY25 was reported at Rs 57,063 crore, compared to Rs 71,510 crore reported during FY24, indicating that the company has been facing challenges in its operational performance due to the ongoing restructuring.

The deal is part of an insolvency resolution plan (IRP) of the Adani Group for the resolution of the company JAL that was accepted by the National Company Law Tribunal (NCLT) in March 2026 and affirmed in May 2026. The Competition Commission of India had given its approval in August 2025.

The transaction is anticipated to close within 90 days of the effective date of the resolution plan thereby approved.

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Adani Ports Enters Fertiliser Segment

In a parallel strategic acquisition, Adani Ports and Special Economic Zone (APSEZ) announced the acquisition of 100% of Jaypee Fertilizers & Industries Ltd (JFIL) for Rs 1,500 crore, thus officially entering the fertiliser business.

It is a full-cumcash deal where APSEZ acquires Kanpur Fertilizers and Chemicals Ltd (KFCL) along with nearly 243 acres of industrial/commercial land in Kanpur, which the company considers to be a perfect location for establishing a big logistics park and warehousing facility.

The acquisition is in line with APSEZ's long-term inland logistics expansion plan. The company will expand its multimodal logistics park (MMLP) network from 12 to 16 by 2031 and boost its warehousing capacities by almost fourfold during the same timeframe.

The deals reflect Adani Group's plans to leverage on opportunities arising through insolvency proceedings to build a stronger infrastructure core business and invest in related areas like logistics-related industrial property and distribution of fertiliser.