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Ambani and Adani unite: Reliance acquires 26% stake in Adani’s power project

Thehindubusinessline

Thehindubusinessline · 1y ago

Ambani and Adani unite: Reliance acquires 26% stake in Adani’s power project

Mukesh Ambani's Reliance Industries has acquired a 26% stake in Gautam Adani's Madhya Pradesh power project. The deal also includes a pact to use 500 MW of electricity from the plants for Reliance's captive use. While Ambani and Adani have been rivals in various sectors, they have both made significant investments in the clean energy sector. Adani aims to become the world's largest renewable energy producer by 2030, while Reliance is building four gigafactories for solar panels, batteries, green hydrogen, and fuel cells. The deal between the two businessmen is subject to regulatory approvals.

Related News

RIL’s stake in Adani Power arm dictated by commercial compulsions

Thehindubusinessline

Thehindubusinessline · 1y ago

RIL’s stake in Adani Power arm dictated by commercial compulsions

Reliance Industries, led by Mukesh Ambani, has acquired a 26% stake in Adani Power's thermal power arm, Mahan Energen. The move comes as a result of a power purchase agreement between the two conglomerates, with Reliance requiring a power supply of 500 MW, which Adani is able to provide. Both companies are heavily investing in renewable energy, with projects in Gujarat including wind, solar, and green hydrogen. As part of the agreement, Reliance will subscribe to five crore equity shares of Mahan Energen for ₹50 crore, and will own a 26% stake in the company.

First Ambani-Adani pact: RIL picks 26% stake in Adani Power's MP project

Livemint

Livemint · 1y ago

First Ambani-Adani pact: RIL picks 26% stake in Adani Power's MP project

Mukesh Ambani's Reliance Industries has acquired a 26% stake in a power project of Gautam Adani in Madhya Pradesh. The deal includes the usage of the plant's 500 MW electricity for Reliance's own needs. Reliance will purchase five crore equity shares of Mahan Energen Ltd, a subsidiary of Adani Power Ltd. Livemint has been recognized as the fastest-growing news website worldwide. Readers can access various benefits such as newsletters, stock tracking, breaking news, and personalized newsfeed by logging in.

Reliance Group to build solar and hydro-power projects in Bhutan | Mint

Livemint

Livemint · 11m ago

Reliance Group to build solar and hydro-power projects in Bhutan | Mint

- Reliance Group, led by Anil Ambani, will partner with the government's investment arm to develop solar and hydro power projects in Bhutan. - A new subsidiary, equally owned by Reliance Power and Reliance Infrastructure, will be formed for the project. - The subsidiary will focus on developing 500 MW of solar power projects and 770 MW of hydro power projects. - The investment amount for these projects has not been disclosed. - Reliance Power aims to expand its presence in the renewable energy sector and has recently raised $183 million for funding. - In June, another Indian conglomerate, Adani Group, signed an agreement for a 570 MW hydro project in Bhutan.

Gautam Adani’s net worth increases by ₹10 lakh crore in 5 years: Check full list of India’s biggest wealth gainers | Company Business News

Livemint

Livemint · 10m ago

Gautam Adani’s net worth increases by ₹10 lakh crore in 5 years: Check full list of India’s biggest wealth gainers | Company Business News

Gautam Adani and his family have become the biggest gainers of wealth in the past five years, according to the Hurun India Rich List. The Adani enterprise has seen a significant increase in wealth, accumulating ₹10,21,600 crore in the energy sector. This surge in net worth has pushed Adani to the top of the rich list, surpassing Mukesh Ambani with a total wealth of ₹11.6 lakh crore. Other notable gainers on the list include Reliance Industries' Mukesh Ambani and his family, Aditya Birla Group's Kumar Mangalam Birla, and HCL's Shiv Nadar and family.

Adani in talks to buy Reliance Power's 600 MW thermal plant

Livemint

Livemint · 1y ago

Adani in talks to buy Reliance Power's 600 MW thermal plant

Adani Power is reportedly in talks to acquire the 600 MW Butibori thermal power project in Nagpur, previously owned by Reliance Power. The deal is expected to be in the range of ₹2,400-3,000 crore. The acquisition would help Adani Power benefit from the growing electricity demand in India. The Butibori project is currently owned by Vidarbha Industries Power, a subsidiary of Reliance Power, and negotiations are being held with CFM Asset Reconstruction Co. for the acquisition. Adani Power aims to integrate the Butibori project with its existing coal-based power plant in Tiroda to boost power generation and supply in Maharashtra.

Adani Power consolidates ₹19,700-crore loans of 6 SPVs into single long-term debt

Thehindubusinessline

Thehindubusinessline · 1y ago

Adani Power consolidates ₹19,700-crore loans of 6 SPVs into single long-term debt

Adani Power has consolidated the standalone term loan facilities of its six Special Purpose Vehicles (SPVs) into a single long-term loan facility of ₹19,700 crore. This move follows the enhancement of Adani Power's credit rating to AA-. The company expects to benefit from uniform terms, greater financial flexibility, and a reduced effective rate of interest through this consolidation. Additionally, Adani Power's subsidiary, Mahan Energen Ltd (MEL), has entered into a 20-year Power Purchase Agreement (PPA) with Reliance Industries (RIL) for 500 MW under the Captive User policy. RIL will invest ₹50 crore for a 26% ownership stake in the captive unit.

Adani shrugs off Hindenburg effect, back to rapid expansion spree

Thehindubusinessline

Thehindubusinessline · 1y ago

Adani shrugs off Hindenburg effect, back to rapid expansion spree

The Adani Group has demonstrated a rapid expansion spree in recent weeks. Key developments include the acquisition of a stake in Gopalpur Port, the opening of a $1.2 billion copper manufacturing plant, investment in Ambuja Cements, the commissioning of a solar project, and a collaboration with Reliance Industries for a power project. These moves indicate that the conglomerate has put behind the Hindenburg effect, with its share prices recovering and revenues growing. The Adani Group plans to continue expanding its infrastructure business with a planned capital expenditure of ₹7 lakh crore over the next decade.

Gautam Adani overtakes Mukesh Ambani to become richest Asian

YourStory

YourStory · 1y ago

Gautam Adani overtakes Mukesh Ambani to become richest Asian

Gautam Adani has reclaimed the title of the richest person in Asia, surpassing Mukesh Ambani of Reliance Industries. Adani's net worth of $111 billion now ranks him 11th in the world, while Ambani follows closely at 12th with $109 billion, according to Bloomberg Billionaires Index. The surge in stock prices of Adani Group companies, driven by a optimistic outlook from US brokerage Jefferies, contributed to Adani's recent rise. Adani Group's market capitalization increased by Rs 84,064 crore, pushing Adani ahead of Ambani. Adani's conglomerate had faced setbacks earlier due to allegations of fraud but has since rebounded.

Reliance Infra, Reliance Power say no biz impact of CBI action on Anil Ambani

Economic Times

Economic Times · 16d ago

Reliance Infra, Reliance Power say no biz impact of CBI action on Anil Ambani

Reliance Infrastructure and Reliance Power announced that the CBI investigation into Anil Ambani and Reliance Communications has no impact on their operations, financial performance, or stakeholders. This declaration follows CBI search operations triggered by SBI's allegations of a Rs 2,929 crore fraud involving Reliance Communications. Anil Ambani, not on Reliance Infrastructure or Power boards for over three years, refutes all claims, asserting the settlements don't affect these companies' governance or management.

Adani’s $2.1 billion Navi Mumbai Airport to boost India's aviation ambitions

Livemint

Livemint · 1y ago

Adani’s $2.1 billion Navi Mumbai Airport to boost India's aviation ambitions

Adani Group's $2.1 billion Navi Mumbai airport project is a significant infrastructure development that reflects India's efforts to catch up with China and become a global aviation hub. The airport, with a lotus-shaped design, is expected to start operations in March 2023 and aims to handle 20 million passengers annually initially, with a potential capacity of 90 million by 2032. Adani Airport Holdings is in discussions with international airlines and expects 30% of traffic to come from international flights. The success of the project is crucial to Mumbai's overall revamp plans, with additional infrastructure developments being planned around the airport.

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