NEW DELHI: Mukesh Ambani‘s Reliance Industries has acquired a 26 per cent stake Gautam Adani’s power project in Madhya Pradesh. Reliance eyes to make the most of 500 MW of electrical energy from the project for its captive use.
The settlement entails Reliance buying 5 crore fairness shares in Mahan Energen Ltd, a subsidiary of Adani Power Ltd. The deal, valued at Rs 50 crore, was disclosed in separate filings to the inventory change by each corporations.
One unit of 600 MW capability of MEL’s Mahan thermal power plant out of its combination working and upcoming capability of two,800 MW will probably be designated because the captive unit, following the foundations that require the captive consumer to carry a minimal of 26 per cent possession in the producing firm.
The unique association for 500 MW of power buy on a long-term foundation signifies a strategic partnership between the 2 company giants.
The particular utilization of the acquired power by Reliance stays undisclosed. With present captive items in Gujarat and Maharashtra for oil refining and petrochemical complexes, and coal-bed methane extractions in Madhya Pradesh, the extra 500 MW might serve varied operational wants.
Both Adani Power and Reliance confirmed the funding settlement signed on March 27, 2024, topic to customary closing situations and approvals. MEL’s turnover for the monetary years 2020-21, 2021-22, and 2022-23 stood at Rs 692.03 crore, Rs 1,393.59 crore, and Rs 2,730.68 crore, respectively.
The completion of the funding is anticipated inside two weeks of assembly all situations precedent and acquiring vital approvals by MEL.
The settlement entails Reliance buying 5 crore fairness shares in Mahan Energen Ltd, a subsidiary of Adani Power Ltd. The deal, valued at Rs 50 crore, was disclosed in separate filings to the inventory change by each corporations.
One unit of 600 MW capability of MEL’s Mahan thermal power plant out of its combination working and upcoming capability of two,800 MW will probably be designated because the captive unit, following the foundations that require the captive consumer to carry a minimal of 26 per cent possession in the producing firm.
The unique association for 500 MW of power buy on a long-term foundation signifies a strategic partnership between the 2 company giants.
The particular utilization of the acquired power by Reliance stays undisclosed. With present captive items in Gujarat and Maharashtra for oil refining and petrochemical complexes, and coal-bed methane extractions in Madhya Pradesh, the extra 500 MW might serve varied operational wants.
Both Adani Power and Reliance confirmed the funding settlement signed on March 27, 2024, topic to customary closing situations and approvals. MEL’s turnover for the monetary years 2020-21, 2021-22, and 2022-23 stood at Rs 692.03 crore, Rs 1,393.59 crore, and Rs 2,730.68 crore, respectively.
The completion of the funding is anticipated inside two weeks of assembly all situations precedent and acquiring vital approvals by MEL.
