Gautam Adani and Mukesh Ambani come together for the first time: Reliance buys 26% stake in Madhya Pradesh Power Project from Adani Power

Gautam Adani and Mukesh Ambani come together for the first time: Reliance buys 26% stake in Madhya Pradesh Power Project from Adani Power

Mukesh Ambani’s Reliance Industries has bought 26% stake in Madhya Pradesh Power Project from Gautam Adani’s Adani Power. Along with this, Reliance Industries has signed an agreement for captive use of 500 MW electricity of the plant. This is the first time that any kind of partnership has taken place between two competing billionaire industrialists. Both the companies have given information about this in separate stock exchange filings. Reliance will buy 5 crore equity shares of Adani Power’s subsidiary company Mahan Energen Limited, a wholly owned subsidiary of Adani Power Limited, for which it will spend Rs 50 crore. Reliance is India’s largest private sector company. Reliance is India’s largest private sector company, whose market cap is Rs 20,14,010.63 crore. As of March 31, 2023, the consolidated revenue of Reliance 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 providing. Adani Power is India’s largest private thermal power producer. Gautam Adani’s Adani Power is India’s largest private thermal power producer. The company has stated in 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 40 MW solar energy project in Gujarat. Adani Power says that we are 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 of Gujarat (Mukesh Ambani and Gautam Adani) are often described by the media and commentators as competitors of each other.

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