Gautam Adani, India's richest person, leads one of the largest groups in the country, Adani Group. He has been expanding his business through new ventures and partnerships with government and private firms. Now, his two firms -- Adani Power and Adani Renewable Energy Fifty Five Limited -- will supply about 6,500 MW of power to Maharashtra State Electricity Distribution Company (MSEDCL) as part of agreements.
In a regulatory filing, Adani Power, whose market cap is Rs 2.29 lakh crore, said it has signed an agreement with Maharashtra State Electricity Distribution Company to supply nearly 1,500 MW of power. "Adani Power Limited has entered into a Power Supply Agreement (PSA) for the supply of 1,496 MW (net) for a period of 25 years with the Maharashtra State Electricity Distribution Company Limited (MSEDCL)," it said.
In a separate filing, Adani Green Energy Ltd (AGEL), a Rs 2.53 lakh crore market cap company, said its wholly-owned step-down subsidiary Adani Renewable Energy Fifty Five Limited has entered into power purchase agreements with MSEDCL for the supply of 5,000 MW of solar power.
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Moreover, the market cap capitalisation of Adani Group rose by Rs 39000 crore this week. It reached a valuation of about Rs 15.5 lakh crore, PTI reported. According to Forbes, Adani, 62, has a real-time net worth of USD 76.2 billion. Currently, Adani is on the 21st spot on Forbes World's Billionaires list.
(With inputs from PTI)
