Jaiprakash Power Ventures Ltd on Saturday said the company and National Asset Reconstruction Company Ltd have agreed to settle a matter/claim for ₹511 crore as full and final payment. The settlement is subject to the payment of ₹511 crore, fulfilment of certain other conditions and execution of definitive agreement, the company said.
The company said the Insolvency and Bankruptcy Code proceedings will stand withdrawn once all the conditions of the settlement terms are fulfilled. Jaiprakash Power Ventures had earlier disclosed the initiation of IBC proceedings on February 27, 2026.
Adani Power will acquire a 24% stake in Jaiprakash Power Ventures, held by Jaiprakash Associates, for a cash consideration of ₹2,993.59 crore. The company will also acquire a 180 MW Thermal Power plant located in Uttar Pradesh's Churk, along with its related assets, for a cash consideration of ₹1,200 crore.
The assets include an 11.49% stake in Prayagraj Power Generation Co. Ltd. The transaction is part of the broader resolution plan that was upheld by the National Company Law Appellate Tribunal on May 4, following the NCLT approval in March. JPVL presently owns and operates three Power plants with an aggregate capacity of 2,220 MW, a 2 MTPA Cement Grinding Unit and a 3.92 MTPA Coal Mine.
Shares of Jaiprakash Power Ventures Ltd ended at ₹15.35, up by ₹0.070, or 0.46%, on the BSE.