Adani Power amalgamates six subsidiary companies
1 min read . Updated: 08 Mar 2023, 08:21 AM IST
Premium- Adani Power said that the amalgamation was sanctioned by the Ahmedabad-bench of National Company Law Tribunal on February 8, 2023
Adani Power on Tuesday said it has amalgamated its six subsidiaries with itself after receiving NCLT nod for the same last month. The six companies, APML, APRL, UPCL, REL, REGL and APMuL, now stand amalgamated with APL, it said. In December last year, the company's secured creditors had approved the scheme of amalgamation.
"An amalgamation of six wholly-owned subsidiary companies of Adani Power Ltd (APL) -- Adani Power Maharashtra Ltd (APML); Adani Power Rajasthan Ltd (APRL); Udupi Power Corporation Ltd (UPCL); Raipur Energen Ltd (REL); Raigarh Energy Generation Ltd (REGL) and Adani Power (Mundra) Ltd (APMuL) -- with APL was sanctioned by the Ahmedabad-bench of National Company Law Tribunal on February 8, 2023," Adani Power said in a BSE filing.
"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," it said.
Accordingly, it said, the company will 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 ended December (Q3 FY23), Adani Power's consolidated net profit dipped by 96% on-year to ₹8.7 crore for the quarter ended 31 December, 2022 (Q3FY23). The company had 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.