Ambani-Adani’s joint power play?
8 months, 3 weeks ago

Ambani-Adani’s joint power play?

New Indian Express  

NEW DELHI: The purchase of a 26% stake by Mukesh Ambani-led Reliance Industries Ltd in a Madhya Pradesh power project owned by Gautam Adani’s Adani Power is seen as a ‘landmark’ development in India’s corporate world. However, this partnership is rather driven by current electricity norms around captive power units and there are rarely any signs of the two powerful billionaires joining forces soon in other areas of common interest. Adani’s Mahan Energen is the only facility in the area that has the capacity to readily provide the power requirement of Reliance and as per electricity rules around captive power units, it became the right thing for the two to tie up,” said a partner at a leading consultancy firm requesting not be named. He added a handful of similar deals take place every year in the country and RIL as well as Adani have captive power units around their mega factories. While picking a stake in Mahan Energen Ltd, a wholly owned subsidiary of Adani Power, RIL said the investment is in compliance with the provisions of the Electricity Rules, 2005, which say a captive user must own a 26% stake in the captive unit.

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History of this topic

Why Adani-Ambani 'power tie-up' is not as surprising as it appears
8 months, 3 weeks ago

Why Adani-Ambani 'power tie-up' is not as surprising as it appears

New Indian Express  

The so-called Adani-Ambani joint venture in power sector, dominating the headlines today, is not as much of a groundbreaking event as it is portrayed to be. This is because dozens of such deals take place every year in India because of the way the rules have been framed around what are called captive power units. Captive power units are usually …

In a first, Mukesh Ambani & Gautam Adani collaborate for power project
8 months, 3 weeks ago

In a first, Mukesh Ambani & Gautam Adani collaborate for power project

Hindustan Times  

Rival billionaires Mukesh Ambani and Gautam Adani have signed the pact for their first ever collaboration for a power project in Madhya Pradesh. Ambani's firm Reliance has picked up 26 percent stake in Adani Power's project in MP, signing a pact to use the plants' 500 MW of electricity for captive use. Reliance will pick up 5 crore equity shares …

Ambani, Adani collaborate for first time: Reliance picks 26 per cent stake in Adani Power project
8 months, 3 weeks ago

Ambani, Adani collaborate for first time: Reliance picks 26 per cent stake in Adani Power project

India TV News  

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 Ports, Adani Ent share price gain over 2-3%; Here’s why
1 year, 5 months ago

Adani Ports, Adani Ent share price gain over 2-3%; Here’s why

Live Mint  

Adani Group stocks gained around 2% to 3% each on Monday, with Adani Enterprises share price rallying over 3%. The Adani Group on July 15 announced the commissioning of India’s first transnational project at Godda in Jharkhand to supply power to the Bangladesh electricity grid. Gautam Adani, Chairman of Adani Group, called on Bangladesh Prime Minister Sheikh Hasina in Dhaka …

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