Alliance between Adani and Ambani, Reliance bought 26% stake in Adani Power project
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New Delhi: Industrialist Mukesh Ambani-led Reliance Industries has bought a 26 percent stake in a power project in Madhya Pradesh from rival businessman Gautam Adani’s company Adani Power. This is the first time that some kind of alliance has taken place between two rival billionaire industrialists.
Reliance Industries has signed an agreement for captive use of 500 MW of power from the plant. In separate filings to the stock market, both the companies said that Reliance will purchase 5 crore equity shares of face value of Rs 10 each (Rs 50 crore) in Mahan Enzren Limited, a wholly owned subsidiary of Adani Power Limited, and 500 shares for personal use. Will utilize megawatt production capacity.
While Ambani’s interests range from oil and gas to retail and telecom, Adani’s focus is on infrastructure spanning ports to airports, coal and mining. The two businessmen have rarely crossed paths except in the clean energy sector.
Both the industrialists have announced investments worth several billion rupees in this segment. Adani Group aspires to become the world’s largest renewable energy producer by 2030, while Reliance is building four gigafactories in Jamnagar, Gujarat. Each of these factories is for solar panels, batteries, green hydrogen and fuel cells.
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