MUMBAI–Indian power and construction company, Jaypee Group, decided Saturday to sell two of its power plants to a group of investors led by the United Arab Emirates’ Abu Dhabi National Energy Co. for as much as $2 billion, according to a person briefed on the deal.

The board of Jaiprakash Power Ventures Ltd.–the arm of the Jaypee Group which owns the power plants–met Saturday and approved the sale, the person said, adding that an…