Heavyweight Collaboration: In A First, Reliance Picks Up 26% Stake In Adani Power Project – odishabytes
In a significant collaboration, Mukesh Ambani’s Reliance Industries has acquired a 26% stake in a Madhya Pradesh power project owned by Gautam Adani’s Adani Power. The deal involves Reliance purchasing 5 crore equity shares in Mahan Energen Ltd, a subsidiary of Adani Power, for Rs 50 crore. Additionally, Reliance will utilize 500 MW of generation capacity from the project for captive use, as stated in separate filings to the stock exchange. Despite historical media portrayals of rivalry between Ambani and Adani, this collaboration marks their first major venture together. Both businessmen, originating from Gujarat, have diverse business interests, including clean energy. Adani aims to become the world’s largest renewable energy producer by 2030, while Reliance is investing in multiple gigafactories for various clean energy components. The collaboration also underscores the growing cooperation between the two corporate giants, evidenced by Reliance’s previous stake sale to Adani and Adani’s presence at Ambani family events. The agreement is subject to customary closing conditions and regulatory approvals.
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