Jaiprakash Power Ventures is fundamentally a power generator that was born from dam-building - its founders used the Jaypee Group’s experience constructing some of India’s largest hydro projects to develop and operate its own plants. Over three decades, it assembled a 2,220 MW portfolio of hydro and coal-fired thermal stations, then in May 2026 entered a new chapter when Adani Power Limited agreed to acquire the promoter’s 24% stake, changing the company’s controlling shareholder. The recurring pattern is a company that builds or buys heavy power assets, ties a portion of their output to long-term state contracts, and sells the rest into the open market - while its own coal mine feeds its largest plant. # Business segments Three engines that turn fuel and water into electricity - a hydro plant with a guaranteed buyer, two thermal plants that blend contracted and merchant sales, and a captive coal mine that feeds the biggest of them - plus a dormant cement unit and a concluded sand-mining contract. ## 1. Thermal power: the workhorse that carries the company **Two coal-fired plants in Madhya Pradesh generate the bulk of the company’s electricity, selling part under long-term state agreements and the rest on energy exchanges at market prices.** - **Supercritical flagship with partial cover** - the Jaypee Nigrie Super Thermal Power Plant is a 1,320 MW (two 660 MW units) supercritical facility that uses Zero Liquid Discharge technology, reducing water consumption and air emissions compared with older subcritical plants. The plant has long-term PPAs with MPPMCL to supply 30% of installed capacity and with GoMP to supply 7.5% of actual generation; the balance is sold as merchant power on exchanges like the Indian Energy Exchange or through bilateral deals. - **Smaller plant, higher contracted share** - the Jaypee Bina Thermal Power Plant is a 500 MW facility (two 250 MW units) where 65% of capacity is locked into a long-term PPA with Madhya Pradesh Power Management Company, giving it more revenue visibility than Nigrie. The plant was acquired from an Aditya Birla Group company, so it was bought rather than built by JPVL. - **Run hard when called** - Nigrie’s Plant Load Factor was roughly 81% in FY25, while Bina’s was about 69%, meaning both plants ran well below their theoretical maximums. Bina has suffered from restricted dispatch schedules - in FY21, the state utility gave only 3-5 hours of daily schedule or no schedule at all for months, making it technically unfeasible to run optimally. - **Emissions compliance underway** - both plants face tightening air-emission rules and have signed contracts to install Flue Gas Desulfurization systems to limit sulphur oxide emissions, though the equipment is not yet in place. Fly ash is disposed of to customers under a regulatory requirement that ash be fully utilised within a three-year cycle. ## 2. Hydro power: the clean, fully contracted counterweight **A single run-of-river plant in the Himalayas sells every unit it generates to Uttar Pradesh under a long-term contract, producing renewable energy with no fuel cost.** - **Perpetual fuel source** - the 400 MW Jaypee Vishnuprayag Hydro Power Plant in Uttarakhand runs on water from the Alaknanda river, a raw material that costs nothing and is continuously replenished. It has operated since October 2006 with main equipment supplied by Alstom of France. - **100% of output pre-sold** - the plant’s entire ex-bus energy is contracted to the Government of Uttar Pradesh, with 12% supplied free to the Government of Uttarakhand, so there is zero merchant exposure on this asset. - **Seasonal rhythm** - water availability is heavily skewed: based on past data, 70-75% of annual generation happens in the first half of the financial year, with only 25-30% in the second half, so revenue is front-loaded. Plant Load Factor was 52% in FY25, reflecting the run-of-river design’s dependence on natural flows rather than a storage reservoir. - **Built with dam-making DNA** - the company’s senior management brought direct experience from constructing the Karcham-Wangtoo and Indira Sagar hydro projects, which is how JPVL originally established itself as a hydro developer before this plant became its remaining hydro asset. ## 3. Captive coal mining: the fuel hedge that is being surrendered **A coal mine next door to the Nigrie thermal plant supplies its boilers, insulating that plant from open-market coal prices - but the board has now decided to give it up.** - **Mine-to-boiler pipeline** - the Amelia (North) Coal Mine in Singrauli, Madhya Pradesh, has an annual drawing capacity of 2.8 million tonnes, and every tonne it produces goes straight to the Nigrie Super Thermal Power Plant. It is not run as a standalone profit centre; its entire purpose is fuel security for one plant. - **Acquired, not developed from scratch** - the mine was won through an e-auction in 2015 and began production the same year, so it was a relatively quick path to fuel integration. - **Being surrendered** - in May 2026, the board approved a proposal to surrender both the Amelia (North) mine and the undeveloped Bandha North coal block, stating that continuing mining under the current regulatory framework may lead to sustained financial stress without adequate economic returns. The Bandha North block is still at the approvals stage with Rs. 92.52 crore of investment sunk into it as of March 2026. ## 4. Cement grinding: a dormant unit marked for sale **A 2 MTPA cement grinding unit at Nigrie has been effectively inactive, and a binding agreement to sell it was signed in 2022.** - **Idle capacity** - the Jaypee Nigrie Cement Grinding Unit started commercial operations in June 2015 but generated nil turnover in FY26 and negligible turnover in prior years, largely because it could not get clinker - the key raw material - to run. - **Already committed to a buyer** - in December 2022, a binding Framework Agreement was signed to sell the unit to Dalmia Cement (Bharat) Limited for Rs. 250 crore on a slump-sale basis, as part of a larger group-level cement-asset divestment. The deal is subject to statutory and lender approvals and has not yet closed. # Group structure and partners **The company sits inside a web of subsidiaries and joint ventures - most of them non-operational or already sold - and is undergoing a change of controlling shareholder.** - **Hydro subsidiary being handed to a government PSU** - Jaypee Arunachal Power Limited was set up to develop 2,700 MW and 500 MW hydro projects in Arunachal Pradesh, but is now in the process of handing over its project to NHPC or NEEPCO as proposed by the Government of India. - **Transmission joint venture already exited** - the company previously held a 74% stake in Jaypee Powergrid Limited, a transmission joint venture with Power Grid Corporation of India, which built a 220 km transmission line from the Karcham-Wangtoo hydro plant. The entire stake was sold to Power Grid in March 2021 for Rs. 351.64 crore, and the proceeds were used to repay debt. - **Promoter stake moving to Adani Power** - in May 2026, under the approved resolution plan for Jaiprakash Associates Limited (the promoter company, which is in insolvency), a Share Sale and Purchase Agreement was signed to transfer JAL’s 24% shareholding in JPVL to Adani Power Limited for Rs. 2,993.59 crore. JPVL itself is not a party to that agreement. - **Insolvency proceedings against the company** - in February 2026, an application was filed before the NCLT against JPVL by National Asset Reconstruction Company Limited, alleging a default of Rs. 511.73 crore on a corporate guarantee the company had extended to its promoter, Jaiprakash Associates Limited.