Key Points
MUMBAI: In a first, the sub-continent's wealthiest billionaires who are also among world's richest industrialists, Mukesh Ambani and Gautam Adani, are entering a 'power' deal...
Ambani will pick up a minority stake in a power unit of Adani, their companies announced Thursday...
Ambani's Reliance Industries will purchase 26% in Mahan Energen, a wholly owned subsidiary of Adani Power, for Rs 50 crore, and will source 500 megawatt of electricity from the Madhya Pradesh plant for its requirements...
Adani Power said one unit of the 600MW capacity of its Mahan thermal power plant in MP will be designated as a captive unit in line with rules.. RIL needs to buy strategic stake to benefit from rules..
Ambani, who took over Reliance Industries after the death of his father and the company's founder, has a net worth of $117 billion and is ranked the 11th richest person in the world by Forbes..
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In a first, Mukesh Ambani & Gautam Adani collaborate for power project
28, Mar, 24Mukesh Ambani's Reliance has picked up 26 percent shares in Adani Power's project in Madhya Pradesh.