The Adani Power board is okay with merging its six wholly-owned subsidiaries | Rare Techy

Adani Power on Tuesday said its board has approved an amalgamation scheme to merge its six wholly-owned subsidiaries with itself.

“The Board of Directors of Adani Power Ltd in its Meeting held on March 22, 2022, approved, subject to the necessary approvals/permissions, the Scheme of Amalgamation of several wholly owned subsidiaries of the company..,” a BSE filing said.

According to the filing, the subsidiaries to be merged with Adani Power are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd.

This company is a subsidiary of Adani Power.

The Designated Date of the scheme is 1 October 2021. All the assets and liabilities of these six arms will be transferred to Adani Power.

The merger proposed in this scheme is intended to achieve size, scalability, integration, increased control, cost and optimization of resource use, greater financial strength and flexibility, thereby building a more resilient and strong organization that copes with dynamic business conditions and volatility in all kinds of economy. factors in a variety of focus, to achieve increased long-term financial returns, it stated.

There will be no change in the equity share pattern of the company under the scheme, as no shares are issued by the company in connection with the scheme, he added.

Adani Power’s six arms are also involved in the business of generation and sale of power.

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