Reliance picks 26% stake in Adani Power project in Madhya Pradesh

Reliance will pick up 5 crore equity shares in Mahan Energen Ltd, a wholly owned subsidiary of Adani Power Ltd, of face value Rs 10 at par

In the first collaboration between rival billionaires, Mukesh Ambani’s Reliance Industries has picked up a 26 per cent stake in a Madhya Pradesh power project of Gautam Adani, and signed a pact to use the plants’ 500 MW of electricity for captive use.

Reliance will pick up 5 crore equity shares in Mahan Energen Ltd, a wholly owned subsidiary of Adani Power Ltd, of face value Rs 10 at par (Rs 50 crore) and will use 500 MW of generation capacity for captive use, the two firms said in separate stock exchange filings.

With Ambani’s interests spanning oil and gas to retail and telecom and Adani’s focus on infrastructure spanning seaports to airports, coal and mining, they rarely crossed each other’s path except in the clean energy business where the two have announced multi-billion investments.

Adani aspires to be the world’s largest renewable energy producer by 2030 while Reliance is building four giga factories at Jamnagar in Gujarat— one each for solar panels, batteries, green hydrogen, and fuel cells.