Reliance acquires 26% stake in Adani’s power project
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 utilize 500 MW of electricity from the project for its captive use.
The agreement involves Reliance purchasing 5 crore equity 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 stock exchange by both companies.
One unit of 600 MW capacity of MEL’s Mahan thermal power plant out of its aggregate operating and upcoming capacity of 2,800 MW will be designated as the captive unit, following the rules that require the captive user to hold a minimum of 26 per cent ownership in the generating company.
The exclusive arrangement for 500 MW of power purchase on a long-term basis signifies a strategic partnership between the two corporate giants.
The specific usage of the acquired power by Reliance remains undisclosed. With existing captive units in Gujarat and Maharashtra for oil refining and petrochemical complexes, and coal-bed methane extractions in Madhya Pradesh, the additional 500 MW may serve various operational needs.
Both Adani Power and Reliance confirmed the investment agreement signed on March 27, 2024, subject to customary closing conditions and approvals. MEL’s turnover for the financial 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 investment is anticipated within two weeks of meeting all conditions precedent and obtaining necessary approvals by MEL.
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