Ambani and Adani first collaboration: Two of the richest Indians Ambani and Adani join forces together for the first time Reliance picks 26 per cent stake in Adani Power project

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 sea ports 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.

“In this connection, APL, MEL, and RIL have signed an investment agreement on 27th March 2024 at 7:00 pm. Closing of the transaction is subject to customary closing conditions including receipt of requisite approvals,” Adani Power said. In the filing of Reliance, a similar disclosure was found:

 “MEL, a company engaged in generation and supply of power, 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 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,” it has added.