Jaiprakash Power Ventures shares surged as much as 20% to their day's high of ₹22.95 on the NSE on Wednesday, extending gains for a fifth consecutive session and rallying over 25% during this period. According to stock exchange data, trading activity remained exceptionally strong with over 87 crore shares worth ₹1,904 crore changing hands during the session, reflecting robust investor interest in the acquisition developments.
Last week, Adani Power announced it has signed definitive agreements with Jaiprakash Associates Limited (JAL) to acquire a 24% stake in Jaiprakash Power Ventures Limited (JPVL) along with the 180 MW Churk thermal power plant in Uttar Pradesh under the NCLT-approved resolution plan for JAL. As reported by The Economic Times, the company entered into a Share Purchase Agreement to acquire JAL's 24% stake in JPVL for nearly ₹2,993.6 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 ₹1,200 crore.
According to Adani Power, the acquisitions will strengthen its generation portfolio and expand its footprint in the thermal power sector, while providing strategic exposure to JPVL's diversified energy and mining businesses. The transaction is part of the broader Adani Group-led resolution plan for debt-laden JAL and is aligned with Adani Power's core power generation business. As reported by The Economic Times, the acquisitions will be completed through cash consideration and are expected to close on the 'Effective Date' under the approved resolution plan, which is scheduled to occur within 90 days from the NCLT approval granted on March 17, 2026.
The development comes at a time when power stocks have staged a strong rally amid India's current heatwave conditions and exceptionally strong El Niño year, boosting power demand. According to The Economic Times, Adani Power shares jumped around 3% on Wednesday to hit a fresh 52-week high of ₹252 apiece on NSE, with the stock surging over 13% in one week and delivering 126% returns over one year. The strong performance reflects positive market sentiment around the strategic acquisition and the broader power sector rally driven by increased demand conditions.
