Adani Power and Reliance Industries have taken a significant step towards a new era in the energy sector by collaborating for the first time. The details of the deal are as follows.
Adani Power and Reliance Industries have made a groundbreaking announcement with Reliance buying a 26% stake in Adani Power’s Madhya Pradesh project. The two billionaire-led companies have come together for the first time in a move that is expected to transform the energy sector.
Mahan Energen Ltd, a wholly-owned subsidiary of Adani Power Ltd, has agreed to allot five crore equity shares of face value of Rs 10 each of MEL to RIL at par. This investment is in compliance with the Electricity Rules, 2005, and is a significant milestone in the relationship between the two companies.
The proposed investment by RIL is subject to customary conditions precedent and is expected to be completed within two weeks of receipt of completion of conditions precedent and receipt of such approvals by MEL. The deal is not a related party transaction, and none of the company’s promoters, promoter group, or group companies have any interest in the investment.
MEL, a company engaged in generation and supply of power, was incorporated on October 19, 2005. The turnover of MEL, as per its audited standalone financial statement, for financial years 2022-23, 2021-22, and 2020-21, was Rs. 2,730.68 crore, Rs. 1,393.59 crore, and Rs. 692.03 crore, respectively.
This collaboration is a strategic move by both companies, and it is expected to bring about a significant change in the energy sector. The two companies have come together to provide a better service for their customers, and this deal is a testament to their commitment to the industry.
The investment is a significant step towards a new era in the energy sector, and it is expected to bring about a positive change in the industry. The two companies have come together to create a better future for their customers, and this deal is a testament to their commitment to excellence.
The deal is a game-changer in the industry, and it is expected to bring about a significant change in the energy sector. The two companies have come together to create a better future for their customers, and this deal is a testament to their commitment to excellence.
With the two companies coming together for the first time, the energy sector is set to experience a significant change. The collaboration is a strategic move by both companies, and it is expected to bring about a positive change in the industry.
Stay tuned for more updates on this deal, and get the latest news and insights on the energy sector. This is a new era in the industry, and with the two companies coming together, the future looks brighter than ever.
