Friday, February 14, 2025
elecrama banner

First Ambani & Adani Pact: Reliance acquires 26% stake in Adani’s power unit for Rs 50 Cr

Subscribe to YouTube Channel

Subscribe to Mojo4Industry YouTube Channel and get Latest Industry Updates. Do press Bell Icon to get automated notifications whenever new video is uploaded.

Must Read

ABB India appoints Kiran Dutt as President of its Electrification business

ABB India appoints Kiran Dutt as President of its Electrification businessKiran Dutt joined ABB in 2004 and has over...

WAAREE Energies bags $ 2.37 bn orders

WAAREE Energies bags $ 2.37 bn orders Waaree Energies has bagged new orders worth USD 2.37 billion from India and...

OMRON announces long term vision “Shaping the Future 2030”

OMRON announces long term vision “Shaping the Future 2030” Targets 930 billion yen net sales and 120 billion yen operating...

First Ambani & Adani Pact: Reliance acquires 26% stake in Adani’s power unit for Rs 50 Cr

In a first collaboration between rival billionaires, Mukesh Ambani’s Reliance Industries has acquired a 26 per cent stake in Gautam Adani’s 600 MW Mahan Energen power unit for Rs 50 crore.

Mahan Energen Limited (MEL), wholly owned subsidiary of Adani Power Limited (APL), is engaged in generation and supply of power, and was incorporated on October 19, 2005. The turnover of MEL, as per its audited standalone financial statement, for financial years 2022-23, 2021-22 and 2020-21 was Rs. 2,730.68 crore, Rs. 1,393.59 crore and Rs. 692.03 crore, respectively.

“The proposed investment by the Company (RIL) is in compliance with the provisions of Electricity Rules, 2005 in terms of which the Company, as a captive user, is required to own 26% proportionate ownership in one unit of MEL of 600 MW capacity, with RIL being the captive user of 500 MW generation capacity. The Company and MEL have entered into a 20-year long-term power purchase agreement for this purpose,” RIL said in an exchange filing.

“The investment is not a related party transaction and none of the Company’s promoter / promoter group / group companies have any interest in the said investment,” RIL statement said. It adds, “The investment is subject to customary conditions precedent including receipt of requisite approvals by MEL and is expected to be completed within 2 weeks of receipt of completion of conditions precedent and receipt of such approvals by MEL.”

Subscribe to our Newsletter

Keep up with the latest industry news by subscribing to our industry news update. This way, you'll always be in the know about what's happening in your field, and you can stay ahead of the competition.

http://en.battery-expo.com/
- Advertisement -
mojo4industry podcast episodes click here to listen

Tech Talks

00:34:18

Essential tools for medium voltage electrical assets maintenance | mojo4industry technical workshop

Essential tools for medium voltage electrical assets maintenance | mojo4industry technical workshopWould you like to understand how the advanced...
- Advertisement -

More Stories on mojo4industry