Adani Power Board Approves Merger Of Six Subsidiaries With Itself

These companies are wholly-owned subsidiaries of Adani Power.

The appointed date of the scheme will be Oct. 1, 2021. The entire assets and liabilities of these six arms will be transferred to Adani Power.

The proposed amalgamation envisaged under this scheme is intended to achieve size, scalability, integration, improved controls, cost and resource use optimisation, greater financial strength and flexibility, thereby building a more resilient and robust organisation that address dynamic business situations and volatility in various economic factors in a focused manner, to achieve improved long-term financial returns, it stated.

There will be no change in the equity shareholding pattern of the company under the scheme, as no shares are being issued by the firm in connection with the scheme, it added.