Adani Power Limited announced that its scheme of amalgamation involving ten wholly owned subsidiaries has become effective as of September 25, 2026. This development follows the final regulatory sanction from the National Company Law Tribunal (NCLT) Mumbai Bench on September 24, 2026, completing the judicial approvals required for the consolidation.

The scheme involves the merger of Vidarbha Industries Power Limited (VIPL) and nine other entities: Adani Power Dahej Limited, Kutchh Power Generation Limited, Resurgent Fuel Management Limited, Mahan Fuel Management Limited, Orissa Thermal Energy Limited, Korba Power Limited, Anuppur Thermal Energy (MP) Private Limited, Mirzapur Thermal Energy (UP) Private Limited, and Emberiza Infra Park Limited. With all conditions specified under the scheme fulfilled, these companies stand amalgamated with Adani Power and dissolved without winding up.

Scheme Structure and Consideration

The transfer includes all assets, liabilities, rights, and obligations of the transferor companies to Adani Power. Since the entities are wholly owned subsidiaries, no new equity shares were issued to external shareholders. The consideration structure specified that equity shares held by Adani Power in these subsidiaries would stand cancelled and extinguished without any allotment of new shares in the transferee company.

The appointed date for the scheme is April 1, 2025. Upon effectiveness, VIPL and the other nine entities will integrate fully into Adani Power’s corporate structure, simplifying compliance and optimizing overheads across the group’s power generation assets.

Regulatory Observations and Compliance

During the hearing, the Regional Director’s office raised concerns regarding VIPL’s financial status, noting negative net worth as of March 31, 2025, and an 'Emphasis of Matter' in the auditor's report related to its prior Corporate Insolvency Resolution Process (CIRP). Adani Power clarified that it acquired VIPL through an IBC resolution plan on a clean-slate basis, meaning historical liabilities were addressed under the approved plan. The company further stated that the negative net worth of the subsidiary would not adversely impact the scheme given the positive net worth of the transferee entity.

The Income Tax Department reserved its right to examine any tax implications arising from the scheme, stating that the sanction should not prejudice its ability to initiate proceedings for tax avoidance or violations. Similarly, the Official Liquidator confirmed that the affairs of VIPL had not been conducted in a manner prejudicial to public interest.

What the Numbers Show

A review of the capital structures disclosed in the filing highlights the scale disparity between the entities. Adani Power’s paid-up equity share capital stood at ₹3,856.9 crore (1928.46 crore shares at ₹2 each), while VIPL’s paid-up equity share capital was merely ₹10 lakh (1 lakh shares at ₹10 each). This significant difference underscores that the transaction is primarily a structural consolidation rather than a valuation-driven acquisition.

Adani Power has commenced a ₹48,000 crore power project in Assam, marking a major infrastructure undertaking in the state's energy sector.

Project overview

The following table summarises the key details of the project as disclosed:

The commencement of this ₹48,000 crore initiative represents one of the significant power sector investments in Assam. The project is expected to contribute to the state's energy infrastructure, though further operational details were not disclosed in the available information.