Adani Power Limited (APL) on Tuesday announced that it has amalgamated its six subsidiary companies after meeting all the conditions stated under an Amalgamation Scheme.

Through a regulatory filing, Adani Power said it is amalgamating the following companies with itself:

• Adani Power Maharashtra Limited (APML)
• Adani Power Rajasthan Limited (APRL)
• Udupi Power Corporation Limited (UPCL)
• Raipur Energen Limited (REL)
• Raigarh Energy Generation Limited (REGL)
• Adani Power (Mundra) Limited (APMuL)

Notably, this amalgamation was sanctioned by the Ahmedabad bench of National Company Law Tribunal.

“Further to our aforesaid letter, we wish to update that all the conditions stated under the Scheme for making it effective have been satisfied, and hence the Scheme is now effective from the Appointed Date i.e. October 1. 2021. as specified thereunder,” mentioned APL in its regulatory filing.

Earlier, Adani Power also said that it would publish financial statements for FY 2022-23 based on amalgamation and will also recast comparative period numbers in compliance with applicable accounting standards.

For the quarter that ended December (Q3 FY23), Adani Power's consolidated net profit dipped by 96% on-year to ₹8.7 crores for Q3FY23. The company reported a profit of ₹218.5 crore in the same quarter last year. The Adani Group firm's revenue from operations rose 44.8% to ₹7,764.4 crore as compared to ₹5,360.9 crore a year ago.

Image courtesy: Reuters