Adani Power Completes Merger of 10 Subsidiaries: What the Restructuring Means

Adani Power completed the merger of 10 wholly owned and step-down wholly owned subsidiaries on September 25, 2026, after receiving approvals from the NCLT Ahmedabad and Mumbai Benches. The scheme has an appointed date of April 1, 2025.

As a result of the restructuring, the business of the 10 entities has been merged with the listed parent company.

Which 10 Subsidiaries Were Merged With Adani Power?

1. Adani Power Dahej
2. Kutchh Power Generation
3. Resurgent Fuel Management
4. Mahan Fuel Management
5. Orissa Thermal Energy
6. Korba Power
7. Anuppur Thermal Energy
8. Mirzapur Thermal Energy
9. Emberiza Infra Park
10. Vidarbha Industries Power.

Kutchh Power Generation is a step-down wholly owned subsidiary as its entire equity share capital is held by Adani Power Dahej.

NCLT Approvals Complete Adani Power Restructuring

Ahmedabad bench of NCLT approved amalgamation of first nine subsidiaries by passing order dated August 04, 2026. Thereafter, NCLT Mumbai bench approved amalgamation of the last subsidiary i.e. Vidarbha Industries Power by passing order dated September 24, 2026. The said order was uploaded on the website of NCLT on September 25, 2026.

As a result of these orders, all requirements in respect of approvals under the scheme have been complied and the amalgamation took place with effect from September 25, 2026. Consequently, the 10 subsidiaries have been merged with Adani Power and are no longer exists as separate legal entities without being wound up.

Adani Power Merger Effective Date and Appointed Date

• Appointed date: April 1, 2025
• NCLT Mumbai approval: September 24, 2026
• Scheme effective: September 25, 2026

The scheme of amalgamation has an appointed date of April 1, 2025. Consequently, the effects of the merger shall be deemed to be operative as of April 1, 2025, for all intents and purposes as set out in the approved scheme, albeit the formal approval of the NCLT took place on September 25, 2026. Additionally, the scheme, which was approved by the board of Adani Power on October 30, 2025, was filed before the appropriate NCLT Benches.

The company had indicated that the accounting impact of the transaction would be taken into consideration after the requisite approvals from the regulators. Therefore, the transaction may have accounting and tax implications for Adani Power

What Does the Restructuring Mean For Adani Power?

The transaction is not an acquisition of an unrelated business but rather a restructuring of related entities within the corporate structure of Adani Power. As the entities were wholly owned or step-down wholly owned subsidiaries, the transaction represents an internal corporate restructuring rather than the acquisition of an unrelated business. The financial, accounting and tax implications should be assessed based on the approved scheme and subsequent regulatory disclosures. Apart from the accounting implications discussed above, the merger will have limited implications for Adani Power. As mentioned above, the merger will have limited impact on the finances of Adani Power. A similar move in the past had allowed the company to create a more organized corporate structure.

While the company's power generation and fuel management operations were moved to its core business segment, the merger of the listed power company with the 10 wholly-owned subsidiaries was aimed at creating a more optimal corporate structure that would lead to higher scale of operations, flexibility in operations, organizational efficiencies and utilize resources better.

Will the Adani Power Merger Impact the Share Price?

Adani Power shares rose after the NCLT approval, with market reports linking the move to the completion of the merger process.

Adani Power Merger FAQs