Adani Power signals interest in JAL power assets after NCLT nod

Adani Power Limited (APL) has expressed in-principle interest in acquiring power assets and investments from Jaiprakash Associates Limited (JAL), following approval of a resolution plan by the National Company Law Tribunal (NCLT).

The Allahabad bench of the NCLT at Prayagraj approved the plan on March 17, 2026, with the order uploaded on March 18. The resolution plan was submitted by Adani Enterprises Limited (AEL), which had secured creditor approval for its Rs 14,535 crore bid in November 2025, receiving 89% of the vote and surpassing competing bids from Vedanta and Dalmia Cement.

Structure and asset focus

The approved plan allows AEL to nominate one or more “Implementing Entities” to directly acquire specific asset classes from JAL under the Insolvency and Bankruptcy Code, 2016 (IBC). In a disclosure to BSE and NSE on March 19, APL stated that it intends to act as one such entity, focusing on JAL’s power assets and investments, subject to regulatory approvals.

APL has not identified specific assets or disclosed financial terms. The interest remains in-principle.

JAL’s power portfolio, primarily held through Jaiprakash Power Ventures Limited, includes thermal and hydropower assets across Uttar Pradesh and Himachal Pradesh. For APL, one of India’s larger private thermal power producers, the acquisition could add capacity and strengthen its presence in northern India.

Other Adani Group companies have separately indicated interest in JAL’s non-power assets, pointing to a coordinated approach to executing the resolution across business segments.

Further details on transaction scope, valuation, and timelines have not been disclosed.