Jaiprakash Power Ventures Surges Over 11% as Adani Enterprises' Acquisition Plan for Jaiprakash Associates Approved

Overview

Shares of Jaiprakash Power Ventures Ltd. jumped more than 11% after creditors of Jaiprakash Associates Ltd. (JAL), the bankrupt infrastructure group, approved Adani Enterprises' resolution plan. The approval by lenders, led by the National Asset Reconstruction Company Ltd., paves the way for Adani Enterprises to acquire JAL's stressed assets for approximately Rs 14,535 crore. This clarity on the future of JAL's assets, where its former promoter entity holds a significant stake in JP Power, boosted investor sentiment.