Achi news desk-
New Delhi7 minutes ago
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On the left is Reliance Industries Chairman and MD Mukesh Abani, on the right is Adani Group Chairman Gautam Adani.
Mukesh Ambani’s Reliance Industries has bought a 26% stake in the Madhya Pradesh Power Project from Gautam Adani’s Adani Power. Along with this, Reliance Industries has signed an agreement for strict use of 500 MW electricity from the plant.
This is the first time that any kind of partnership has taken place between two competing billionaire industrialists. Both companies have provided information on this in separate stock exchange filings.
Reliance Industries and Adani Power entered into partnership on Wednesday, March 27.
Reliance will buy 5 crore shares of Adani Power subsidiary
Reliance will buy 5 crore equity shares of Mahan Energen Limited, a wholly owned subsidiary of Adani Power Limited, with a face value of Rs 10, for which it will spend Rs 50 crore.
Reliance is India’s largest private sector company
Reliance is India’s largest private sector company, with a market cap of Rs 20,14,010.63 crore. As on March 31, 2023, Reliance’s consolidated revenue is Rs 9,74,864 crore. Cash profit is Rs 1,25,951 crore and net profit is Rs 73,670 crore.
Reliance currently works in hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewable energy (solar and hydrogen), retail and digital service delivery.
Adani Power is India’s largest private thermal power producer.
Adani Power Gautam Adani is India’s largest private thermal power producer. The company has stated on its official website that our power generation capacity is 15,250 MW, which includes thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh and Jharkhand and a 40 MW solar power project in Gujarat.
Adani Power says it is the first company in the world to set up a coal-based supercritical thermal power project under the Clean Development Mechanism (CDM) of the Kyoto Protocol.
These two industrialists are competitors of each other
These two industrialists from Gujarat (Mukesh Ambani and Gautam Adani) are often described as rivals to each other by the media and commentators.
