Adani Power is set to merge six wholly-owned subsidiaries with itself.

The Gautam Adani led entity disclosed on Tuesday that its board has approved an amalgamation scheme.

In a regulatory filing, the company, which has a market capitalisation of Rs 50,198 crore, listed the six subsidiaries that will be amalgamated with itself: Udupi Power, Raipur Energen, Raigarh Energy and the three Adani Power arms for Maharashtra, Rajasthan and Mundra.

The appointed date of the merger scheme will be October 1, 2021. The entire assets and liabilities of these six arms will be transferred.

According to Adani Power, the proposed amalgamation is intended to achieve size, scalability, integration, improved controls, cost and resource use optimisation, greater financial strength and flexibility.

The company expects that the amalgamation will enable it to build a more resilient and robust organisation that addresses dynamic business situations and volatility in various economic factors in a focused manner apart from achieving improved long-term financial returns.

The firm added that there will be no change in its equity shareholding pattern under the proposed scheme, as no shares were being issued.

Shares of Adani Power on Wednesday settled at Rs 130.15 — a gain of 5.17 per cent on the BSE.

The company had posted a net profit of Rs 218.49 crore during the quarter ended December 31, 2021 compared with a loss of Rs 288.74 crore in the same period of the previous year and a loss of Rs 231 crore in the July-September period. During the third quarter, its revenue from operations declined to Rs 5,361 crore from Rs 6,895 crore in the year ago period.

Meanwhile, group company Adani Wilmar is betting big on staples and scouting for acquisition of regional rice brands and processing units in several states, a top company official said.

The company will launch branded daily-use rice under the Fortune brand beginning with Bengal in early April.

“We are targeting to grow fast in the daily-use rice segment which is 30-35 million tonne per annum apart from public distribution foodgrain. We are scouting for acquisitions of brands and rice processing units in several states for fast growth. We have done first from West Bengal taking over a sick unit,” Adani Wilmar MD & CEO, Angshu Mallick said.

Acquisitions allow quicker rollout and rapid growth. Greenfield will take at least two years to begin operation, he said.