First Ambani-Adani pact: RIL picks 26% stake in Adani Power’s MP project; deal pegged at ₹50 crore between rival firms
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 five crore equity shares in Mahan Energen Ltd, a wholly owned subsidiary of Adani Power Ltd, of face value ₹10 at par ( ₹50 crore).
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Published: 28 Mar 2024, 08:50 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.