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

Thehindubusinessline · 1y

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.